Aramco News Updates

Saudi Aramco sold its oil for an average of $95.20 a barrel during the quarter, compared to $70.10 in the year-before quarter, the company said in a news release.

Brent crude oil rose 2.7% to $112.39 a barrel. Prices rose after an attack on a major Saudi Arabian refinery by Iran-backed Houthi rebels this week.

The move follows a flurry of attacks by Yemen’s Houthis on key Saudi infrastructure, including drone strikes that shut down its most important pipeline for several days in September.

The Institute for the Study of War said Iran appears to be targeting commercial vessels conducting ship-to-ship oil transfers in and near the Strait of Hormuz.

Consumption of crude is still rising and countries will require even more supply for at least the next two years while rebuilding their inventories, Amin Nasser said.

Multiple oil traders said there were already signs of tankers arriving at the port of Yanbu, where the piped barrels are exported from.

Aramco is now selling its heavier grades by moving them through Hormuz. Other Persian Gulf nations including Iraq and Qatar have also increased crude exports.