Saudi Arabia Sells 100M Barrels Crude to Asia via Hormuz Amid Pipeline Outage

Saudi Arabia has diverted approximately 100 million barrels of crude oil, equivalent to one day of global demand, to Asian buyers via the Strait of Hormuz since last week. This logistical shift for October and November deliveries comes after its East-West pipeline to the Red Sea went out of service. The reliance on Hormuz for such a large volume underscores potential supply chain vulnerabilities. This development could influence global crude oil prices, potentially impacting inflation expectations and the USD/PKR exchange rate due to Pakistan's significant oil import bill.

بحوالہ / Source: oilprice.com