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Market Chatter: Saudi Arabia Restarts East-West Oil Pipeline After Attack

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Saudi Arabia has restarted its East-West crude oil pipeline that was damaged in an attack last week, Reuters reported on Tuesday, citing sources.

The shut-down had major implications for global oil markets as it deprived Saudi Arabia, one of the world's top oil producers, of its main back-up logistical route for crude oil exports.

Reuters, citing three sources briefed on the matter, said operations had restarted on the pipeline and that exports could resume later on Tuesday from the Red Sea port of Yanbu, where the pipeline terminates.

Bloomberg reported separately on Tuesday that Saudi Arabia was aiming to restore exports this week, citing one trade source. Traders told the news agency that there were signs that a number of vessels were now approaching Yanbu in anticipation of the pipeline's restoration.

The Saudi energy ministry didn't immediately reply to an emailed request for comment byon Tuesday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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