Saudi to send 100M barrels to Asia

Reports indicate that Saudi Arabia has sold approximately 100 million barrels of oil to Asian buyers since mid-last week, aiming to circumvent a potential supply crisis in the region. The oil was transported through the Strait of Hormuz following the disruption of the Saudi "East-West" pipeline after an attack in September, which led to more than doubling the flows through the strait and compensating for the halted pipeline's deficit. These operations will help meet Asian demand, especially since refineries had previously been reducing their output due to rising prices, and Saudi oil is expected to be welcomed in Asian markets to offset the shortage of Iranian and Russian oil supplies.

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