Saudi Arabia Offers Extra Crude to Asia via Sohar Transfers as Brent Slips to $105.81
Updated
Updated · CNBC · Sep 16
Saudi Arabia Offers Extra Crude to Asia via Sohar Transfers as Brent Slips to $105.81
3 articles · Updated · CNBC · Sep 16
Summary
Saudi Arabia is making additional crude cargoes available to Asian refiners through ship-to-ship transfers near Oman's Sohar port, softening the impact of attacks on its East-West pipeline.
Brent fell to $105.81 a barrel and U.S. crude to $102.14 after Washington said the pipeline outage should last only days, easing immediate supply fears.
The disruption had halted loadings at Yanbu on the Red Sea and forced Riyadh to cancel some shipments to Europe, making alternative export routes critical.
Yanbu has become Saudi Arabia's main bypass to the Strait of Hormuz since Iran's late-February blockade, leaving oil markets highly sensitive to any renewed Middle East escalation.