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Market Chatter: Saudi Arabia Seeking More Oil Shipments Through Hormuz

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Saudi Arabia is seeking to increase oil shipments through the Strait of Hormuz after strikes prompted the shutdown of its key East-West pipeline, Bloomberg reported on Monday, citing a person familiar with the matter.

Riyadh reportedly had already been increasing Hormuz shipments in the first 10 days of September and is now looking to raise flows further. The pipeline, which helped bypass disruptions in the strategic waterway, could remain offline for several weeks.

Saudi crude exports had risen toward 4 million barrels per day, with about 1 million barrels moving through Hormuz. Any increase faces a severe tanker shortage, with shipping costs at record highs.

The Saudi Energy Ministry did not immediately respond to a request for comment by.

(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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