Saudi Aramco: Yanbu’ South Terminal Boosts Export Capacity

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



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.