Saudi Aramco: Yanbu’ South Terminal Boosts Export Capacity

The Yanbu South Terminal. Credit: Saudi Aramco
The Yanbu South Terminal. Credit: Saudi Aramco
TT

Saudi Aramco: Yanbu’ South Terminal Boosts Export Capacity

The Yanbu South Terminal. Credit: Saudi Aramco
The Yanbu South Terminal. Credit: Saudi Aramco

The commissioning of Yanbu South Terminal (YST) marked the addition of 3 million barrels per day to the West Coast export capacity when the first VLCC was loaded on October 12, Saudi Aramco has said.

Yanbu South Terminal, which is located south of Yanbu City on the West Coast of Saudi Arabia, consists of a tank farm and offshore facilities to receive, store and load Arab Light (AL) and Arab Super Light (ASL) crude oil, said a statement issued by Aramco on Wednesday.

The facility’s integration with the existing crude oil supply network adds 3 million barrels per day to Saudi Aramco’s export capacity through the West Coast, thereby reinforcing the reputation of Saudi Aramco as a reliable energy supplier to customers throughout the globe, it added.

“The successful commissioning and operation of Yanbu South Terminal is a testimony of the Company’s agility in responding to the business environment, and a demonstration of the fine caliber of individuals and teams who will lead the company into the future to support the country’s vision,” said Abdulaziz Al-Judaimi, Senior VP, Saudi Aramco Downstream.

“The successful startup of Yanbu South Terminal is another milestone in reinforcing Saudi Aramco’s position as the world’s leading integrated energy and chemicals producer, operating in a safe, sustainable, reliable and environmentally-friendly manner,” Executive Head of Pipelines, Distribution, and Terminals Abdullah Al-Mansour said.



Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova
TT

Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova

The global oil market is balanced thanks to the actions of OPEC+ countries and compliance with its quotas, Russian Deputy Prime Minister Alexander Novak said on Friday following a Russia-OPEC meeting.
OPEC+ countries, which are pumping around half the world's oil, are taking all necessary decisions to maintain market stability, Novak also said after meeting OPEC Secretary General Haitham Al Ghais in Moscow.
"Today, while discussing the situation and forecasts, we assess the current market as balanced. That's thanks primarily to the actions of OPEC+ countries and coordinated actions to comply with the quotas, voluntary commitments of OPEC+ count," Novak said.
The meeting comes as OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, prepares to meet on Dec.1.