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Saudi Gulf Oil Flows Rise, Says Satellite Data

Bloomberg Markets •
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Saudi Arabia’s observed oil loadings from inside the Persian Gulf jumped over the weekend, the clearest sign yet of how the kingdom has shifted its exports back toward the Strait of Hormuz following the shutdown of a key cross-country pipeline.

Oil supertankers with the capacity to collect 14 million barrels of oil were observed at the nation’s export installations in the Gulf at the weekend, according to data from the European Union’s Sentinel 2 satellite. The number is the highest since at least June, according to data compiled by Bloomberg.

By Alex Longley and Anthony Di Paola.