Brent oil prices fell amid rising exports from Saudi Arabia
Quick Look
- On Tuesday, September 29, Brent oil prices fell to $96.76 per barrel by 19:55 Moscow time, which is 1.09% lower than the previous session.
- Experts attribute the drop to an increase in Saudi oil exports after the restoration of shipments from the port of Yanbu and the gradual normalization of the East-West pipeline, previously attacked by the Houthis.
AI-generated summary
Why It Matters
The East-West pipeline in Saudi Arabia was attacked by the Houthis at the end of the first half of September, temporarily disrupting export flows. By September 29, exports began to recover.
During trading on Tuesday, September 29, the exchange price of the benchmark North Sea oil brand Brent began to decline. This is evidenced by Investing data.
By 19:55 Moscow time, commodity quotes fell to $96.76 per barrel. The decrease to the closing level of the previous trading session by that time was 1.09 percent, or $1.07. At the minimum, quotes fell to $95.76.
Experts attribute the reduction in the price of raw materials primarily to the increase in exports from Saudi Arabia. Earlier, the Middle Eastern country resumed oil shipments from the port of Yanbu, located on the Red Sea coast.
Increasing exports of raw materials from the Middle East became possible as flows through the East-West pipeline gradually normalized, which was attacked by Yemeni Houthi rebels at the end of the first half of September. “A clearer picture is emerging of increased oil export volumes from the Persian Gulf,” said Tim Waterer, chief analyst at KCM Trade.
What to Watch
AI outlook — possibilities, not facts
Brent oil prices may continue to decline in the coming days if Saudi exports continue to rise
Possible · Within days
Open Questions
- How long will Saudi export growth continue?
- Will other manufacturers be able to compensate for the increase in 供应 from Saudi Arabia?
- What will be the reaction of OPEC+ to current trends in the oil market?
