The Zhitong Finance App learned that Saudi Arabia, a major oil producer in the Middle East, has increased the crude oil transportation volume of its key cross-border pipeline to more than 80% of its transportation capacity. As it reduced the supply of crude oil to domestic refineries, the amount of crude oil available for export on the west coast of the country reached its highest level since the outbreak of the US-Iran war at the end of February. As pipeline restoration and expectations for global oil release promoted by French President Emmanuel Macron jointly ease supply anxiety, the market is beginning to reassess crude oil scarcity premiums and energy cost pressures.

The Zhitong Finance App learned that Saudi Arabia, a major oil producer in the Middle East, has increased the crude oil transportation volume of its key cross-border pipeline to more than 80% of its transportation capacity. As it reduced the supply of crude oil to domestic refineries, the amount of crude oil available for export on the west coast of the country reached its highest level since the outbreak of the US-Iran war at the end of February. As pipeline restoration and expectations for global oil release promoted by French President Emmanuel Macron jointly ease supply anxiety, the market is beginning to reassess crude oil scarcity premiums and energy cost pressures.