8 Hrs
Source:
الاقتصادية
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Oil drops amid rising US crude stocks
Oil prices declined after unofficial reports indicated that U.S. crude oil inventories increased by 7.1 million barrels during the past week, despite analysts' expectations of a decrease of about 1.6 million barrels. This comes amid Saudi Arabia's holdings of oil stocks through the East-West pipeline, which was temporarily halted following attacks. The government and consultants anticipate that oil flow will resume within days, which would bolster market supplies. Additionally, Saudi exports through the eastern coast increased, carrying approximately 8.7 million barrels, alongside a rising reliance on oil exports via the Strait of Hormuz. Meanwhile, Libya is moving to export oil despite the closure of some of its fields, with production remaining steady at around 1.4 million barrels per day.
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