US media: Saudi Arabia's reluctance to cooperate with the US military at a critical moment has created a rift between the two countries.
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Sources indicate that Saudi Arabia plans to expand its oil pipeline along the Red Sea, bypassing the Strait of Hormuz and increasing its daily transport capacity by 2 million barrels.
According to five sources familiar with the Odaily, Saudi Arabia is considering expanding the capacity of its crude oil pipeline to the west coast of the Red Sea, enabling Saudi Arabia and its neighbors to transport more oil without passing through the Strait of Hormuz. Built in the early 1980s, this east-west pipeline has become increasingly strategically important since the outbreak of the Iran-Iraq War in February and the disruption of shipping through the Strait of Hormuz. The pipeline can transport up to 7 million barrels of crude oil per day to the Red Sea port of Yanbu. In May, the CEO of Saudi Aramco stated that approximately 2 million barrels would supply refineries on the west coast, and about 5 million barrels would be exported. Sources say that Saudi Arabia is in preliminary discussions with some neighboring countries regarding pipeline expansion, planning to add approximately 2 million barrels of pipeline capacity per day. It is unclear whether Aramco's planned expansion involves upgrading existing infrastructure or building a new pipeline. One source said the expansion plan also includes a smaller refined oil pipeline. Two sources said the expansion could be between 1 million and 2 million barrels per day, with refined oil products also under consideration. Another source indicated that the project would take several years, cost billions of dollars, and require adjustments to Saudi Arabia's crude oil pricing mechanism. (Jinshi)
Saudi Arabia drastically cut crude oil prices, with the largest drop in at least 26 years.
Odaily Odaily reports that Saudi Arabia has cut its official selling prices for key crude oil grades to Asian customers in August, the largest reduction in at least 26 years, as surging global supply intensifies competition for buyers. According to a price list, Saudi Aramco lowered the price of its Arab Light crude oil exports to Asia by $11 per barrel in August, representing a discount of $1.50 per barrel to the regional benchmark price. This reduction is larger than the $8 per barrel expected in institutional surveys. Middle Eastern crude oil prices have recently declined. After resuming exports from the Rastanura port on the Persian Gulf, Saudi Aramco had increased its crude oil shipments to approximately 90% of pre-war levels. Before the war, Rastanula was Saudi Arabia's main port of call for crude oil exports. Due to the war's blockade of the Strait of Hormuz, Saudi Aramco diverted most of its crude oil to the port of Yanbu on the Red Sea. Previously, the OPEC+ oil-producing group had agreed to continue a small production increase in August. Now, with the resumption of shipping through the Strait of Hormuz, Gulf oil-producing countries such as Saudi Arabia, Iraq, and Kuwait will be able to utilize their higher quotas. (Jinshi)
Shipping data: At least five very large crude carriers (VLCCs) loaded with crude oil from Saudi Arabia have sailed out of the Strait of Hormuz.
According to trade sources and shipping data, at least five very large crude carriers (Odaily) have loaded a total of 10 million barrels of Saudi crude oil from Saudi Arabia's Ras Tanura port and have sailed out of the Strait of Hormuz. (Jinshi)
The US military claims to have completed a new round of strikes against Iran.
According to a recent statement and video released by the U.S. Odaily Command, the U.S. military launched a new round of offensive strikes against Iran, using precision-guided munitions to hit more than 80 targets, in a "direct response to Iran's recent attacks on merchant ships sailing in the Strait of Hormuz." The statement said that the US military's targets included Iranian air defense systems, command and control networks, coastal radar sites, and anti-ship missile capabilities; in addition, more than 60 small vessels of the Iranian Islamic Revolutionary Guard Corps were destroyed in the Strait of Hormuz and surrounding waters. This comes after Iran previously attacked three merchant ships transiting the Strait of Hormuz: the Marshall Islands-flagged oil tanker "Al-Recayat," the Saudi Arabian-flagged oil tanker "Vedian," and the Liberian-flagged oil tanker "Cyprus Prosperity." US Central Command forces remain on high alert, and "the US will hold Iran accountable should it fail to comply with or violate the agreement." (Jin Shi)