🔶 Oil Prices Fall After Saudi Arabia Re-routes Oil Exports Through Oman

🔶 Oil Prices Fall After Saudi Arabia Re-routes Oil Exports Through Oman

Oil prices, which had fallen yesterday, Wednesday, September 16, continued on a downward trend early today after reports emerged indicating that Saudi Arabia’s oil exports have increased via Oman during the period when the “East to West” pipeline is under repair.

In New York, oil prices on Wednesday saw a falling trend. The Brent crude oil futures price, down by $2.92, or 2.7%, reached $105.83 per barrel.

The U.S. “West Texas Intermediate” (WTI) crude oil futures price also fell by $3.40, or 3.2%, to $102.43.

According to informed sources, Saudi Arabia is proposing to increase the delivery of crude oil to Asian refineries through ship-to-ship transfers offshore of the port of Sohar in Oman—an action that offsets part of the impact on global supply caused by attacks on the country’s “East to West” pipeline, toward the Red Sea.

Giovanni Staunovo, an analyst at the financial institute “UBS,” said: “News about Saudi Arabia’s exports through the [Persian] Gulf shows that concerns about the possibility of larger disruptions are easing.”