After almost ten days of stoppage, the plant restarts: the flow of crude oil towards the port of Yanbu has resumed at a reduced capacity. It could take up to eight weeks to return to full capacity. Meanwhile, Tehran offers a glimmer of hope for reopening the Strait of Hormuz. But on the ground attacks between Saudis and Houthis continue
After almost ten days of closure due to the consequences of the Houthi attacks, Saudi Arabia is giving respite to global oil markets by restarting operations of its East-West oil pipeline, a vital artery for energy traffic after the closure of Hormuz, for which in the meantime a faint hope has arisen: according to an Iranian official quoted by Reuters online, Tehran has offered to reopen the strait within seven days, if the United States eases military pressure and lifts the blockade on the ports Iranians.
Oil, prices react to Trump's words
The news had brought temporary relief to oil prices, which fell by more than two dollars a barrel before rising a few hours later following traders' concerns over the words of President Donald Trump, who declared at the UN General Assembly that a peace agreement with Iran could arrive after the midterm elections, which will not be held until the beginning of November. Fluctuations that indicate that the crisis is far from resolved, while real progress is expected on the Iranian front and exchanges of attacks between the Saudi army and the Houthis continue: in 48 hours, over 150 people have died among the ranks of both sides.
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East-West oil pipeline, the flow of crude oil restarts
In any case, the reopening of the East-West pipeline remains good news:
the pipeline is capable of resuming crude supplies to Aramco refineries located on the Red Sea coast, with a cargo already scheduled to depart Yanbu on Tuesday and destined for China. Having arrived in recent months to pump around 4 million barrels towards the port of Yanbu - a volume equal to around 4% of global supply - the flow has now restarted at reduced capacity, according to sources cited by Reuters online. The Saudi company Aramco is trying to return to its previous pumping pace, but according to a security source, reaching 40% of capacity will take a couple of days, while a complete restart will take 6 to 8 weeks. A necessary time, after the damage recorded at three pumping stations hit by Houthi raids in September.
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Bab el-Mandeb, because it is crucial for international trade
The Houthis have the infrastructure in their sights
The fear is that the resumption of the oil flow is only a positive parenthesis for an infrastructure that remains in the sights of the Yemeni militiamen, aware of the vital nature of the oil route as they keep the Red Sea and the Bab El Mandeb Strait in check. It is not surprising that at the UN General Assembly in New York, the G7 foreign ministers asked the rebels to "immediately cease all their military actions, threats and attacks" against shipping, speaking of "reprehensible actions that constitute a dangerous spiral of escalation that risks further exacerbating the conflict, compromising international trade and creating economic instability on a global scale".
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Riyadh seeks a response to the rebel advance
In a rare public statement, Saudi Arabia's King Salman called the Houthis a "terrorist militia", accusing them of targeting the Islamic holy city of Mecca. Words which, however, do not seem to have any effect on the plans of the Yemeni rebels: also thanks to Donald Trump's decision not to rush to the rescue of Riyadh, the rebels are pushing the advance and aiming to conquer the strategic heights between the provinces of Taiz and Lahij, with the aim of cutting the coast of the Red Sea from the last areas still in the hands of the forces supported by the Saudis.
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Saudi Arabia between military option and diplomacy
Riyadh has received the promise of defensive military support from British Prime Minister Andy Burnham against attacks. But orphaned by American help, the Kingdom is looking for a turning point - military or diplomatic - to end the conflict. Perhaps this was also the aim of the telephone conversation between Crown Prince Mohammed bin Salman and Russian President Vladimir Putin: the two leaders agreed that "there is no alternative to political and diplomatic efforts aimed at normalizing the ongoing crisis, taking due account of the interests of all parties", the Kremlin reported.
