Saudi Arabia plans 10 million bpd crude oil export capacity
Business
Saudi Arabia just announced plans to boost its crude oil export capacity to 10 million barrels a day.
To make this happen, it will temporarily use a gas pipeline for shipping oil and upgrade its existing East-West network.
These changes could add up to 1.2 million extra barrels per day in the next couple of months, with even more possible after that.
Aramco to use pipeline until May
Saudi Aramco got the green light to use the gas pipeline for oil until May, before it switches back. It is also looking at new export routes and expanding storage overseas.
Even though tanker traffic is picking up again through the Strait of Hormuz, fuel exports are still tricky due to refinery damage in the region.
Basically, Saudi Arabia is trying to stay ahead despite ongoing tensions nearby.