The Saudi Arabian East-West pipeline had allowed Saudi Arabia to divert some of its Middle East Gulf oil exports to the Red Sea port of Yanbu. Then a few weeks back, the pipeline was taken offline. I think, a couple of weeks back, Saudi Aramco had told Europe - sorry, no crude oil for you. Well, some good news. The damage to the pipeline has been repaired, and it is back in service.
At near full capacity, it was delivering about 4 Million bbls a day. It won’t immediately return to that level, but the opening is probably helpful for Saudi production and possibly some exports.
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Not to start a new thread, but I think it’s conceivable that the oil problem recedes prior to the election. (It won’t go away entirely, of course.)
I take the fact that neither the Iranians nor the Houtis are raining drones and missiles on easy-picking targets as evidence that talks are ongoing, in spite of Trump’s brusque “No deal” reply to the latest offer last week.
It’s as if both sides are playing nice because there’s a chance of something positive happening behind the scenes. It can’t be that the Iranians and Houtis have suddenly decided to be reasonable - and obviously the same can be said for the White House policy-maker in-chief.
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