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The Kobeissi Letter
@KobeissiLetter
Official X account for The Kobeissi Letter, an industry leading commentary on the global capital markets. Email us: support@thekobeissiletter.com
Joined June 2015
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Saudi Arabia's East-West oil pipeline has now become a critical route for Asian oil supply: The East-West pipeline transports Saudi crude 746 miles from the country's eastern oil fields to the Red Sea port of Yanbu, providing an export route that bypasses the Strait of Hormuz. In May, China was the largest buyer of crude shipped through Yanbu, importing ~774,000 barrels per day. This was followed by South Korea at ~645,000 barrels per day, Japan at ~452,000 barrels per day, and India at ~387,000 barrels per day. Together, these 4 countries imported ~2.26 million barrels per day, or over half of all exports through Yanbu. In total, more than 5 million barrels per day of Saudi crude now move through Yanbu, up from ~1-2 million barrels per day in February. The East-West pipeline has become a key oil export route to Asia.
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