Saudi Arabia reportedly boosts spot crude sales after East-West pipeline shutdown
Bloomberg reports that the outage halted cross-country oil flows to Saudi Arabia’s Red Sea coast. The kingdom is increasing spot crude sales from outside the Strait of Hormuz.
TLDR
Bloomberg reported on September 16 that Saudi Arabia was ramping up spot crude sales for near-term delivery from outside the Strait of Hormuz after its East-West pipeline shut down, halting cross-country flows to the Red Sea coast. Saxo says the disruption tightened physical oil markets, sending Dated Brent above $130 and diesel above $220.
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