Saudi Arabia’s export disruption widened on 15 September 2026, when Saudi Aramco confirmed it had suspended loadings from the Red Sea port of Yanbu. OilPrice.com reports that ICE Brent returned to $108 per barrel the same day. The suspension follows Friday’s announcement that transportation via the 7 million b/d East-West pipeline, the Kingdom’s key Hormuz bypass, had been halted after attacks. Vortexa data cited in the report show Yanbu crude and condensate loadings rose from 3.2 million bpd in August to 3.7 million bpd in early September. Aramco has also cancelled some late-September cargoes for European term buyers.
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In Asia, futures on the Shanghai Futures Exchange reached a record $138 per barrel on Tuesday, and regional benchmarks are trading $15-20 per barrel above ICE Brent. Chartering a VLCC in the Persian Gulf now costs $30-32 per barrel before war risk premia and insurance. Elsewhere, Libya’s NOC has warned of possible force majeure after a pipeline closure suspended operations at three fields, while Dangote has launched an IPO for roughly 3% of its Lagos refinery, targeting US$1.6bn, or US$2.1bn if oversubscribed.
The next session is likely to take direction from further Aramco statements on Yanbu and the East-West pipeline, Hormuz transit activity and tanker rates, and any confirmation of the reported Russia-Ukraine halt on energy strikes. Updates from Libya’s NOC and the progress of the Dangote offer also warrant attention. Clear operational disclosures would give markets a firmer basis for pricing supply risk.
This week’s newsletter takes a quick look at some of the critical figures and data in the energy markets. The table and charts below show market movers from early this week, followed by the latest analysis of the top news events in the global energy complex over the past few days.
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Asia’s Oil Crunch Sends Regional Benchmarks to Record Highs
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- Asia’s oil industry is facing a double whammy of supply shortages and better-than-expected demand, with crude differentials across the region gradually climbing towards record highs.
- Futures prices on China’s Shanghai Futures Exchange rose to $138 per barrel on Tuesday, the highest reading on record, as Chinese refiners scramble to put their hands on available October supply.
- Saudi Aramco’s announced halt in Yanbu loadings could see some recovery in exports from Saudi terminals in the Gulf, however, these flows would be massively constrained by unprecedented freight rates.
- Chartering a VLCC in the Persian Gulf now costs $30-32 per barrel, with war risk premia and additional insurance coverage added on top, forcing Middle Eastern producers to risk transiting Hormuz with their own fleet.
- Asia is expected to see its crude demand dip by 1.5 million b/d this year, with demand destruction spearheaded by lower consumption in China as Asian benchmarks now consistently trend $15-20 per barrel above ICE Brent.
Market Movers
Vortexa data show crude and condensate loadings at Yanbu rose from 3.2 million bpd in August to 3.7 million bpd in early September.
- Canada’s midstream giant Enbridge (TSO: ENB) announced it would acquire Blackstone-owned Tallgrass Energy’s oil business for US$2.55bn in cash, expanding its US business by buying a majority stake in the 460,000 b/d Pony Express Pipeline.
- Venezuela’s state oil company PDVSA has restarted the fluid catalytic cracker of its 310,000 b/d Cardon refinery, greatly boosting the country’s gasoline output after the neighboring Amuay refinery started to ramp up runs, too.
- Japan’s Organization for Metals and Energy Security (JOGMEC) signed its first emergency LNG supply deal with Malaysia’s Petronas, expanding its contractual coverage beyond standard term deals.
- QatarEnergy is negotiating LNG supply deals with several US exporters including but not limited to Venture Global, Cheniere and Woodside – seeking to conclude long-term deals through 2031 to replace capacity damaged by Iranian attacks.
- US LNG developer Sempra Infrastructure has agreed to supply 0.8 mtpa of LNG from the 2nd phase of its Port Arthur LNG terminal in Texas to Brazil’s state oil firm Petrobras (NYSE: PBR) for 20 years, starting from 2030.
Tuesday, September 15th, 2026
Global market insights
First, there were Thursday rumours about strikes impacting Saudi Arabia’s East-West pipeline and flumes visible from satellite imagery. Then, just after the London closure of markets Saudi Arabia announced Friday that it had halted pipeline transportation via its key Hormuz bypass, stoking fears of long-term damage to its midstream infrastructure. The vicious cycle of bad news from Saudi Arabia reached its apex today, as Saudi Aramco confirmed that loadings from the Red Sea port of Yanbu have been suspended, lifting ICE Brent back to $108 per barrel.
China Runs Rebound as Fuel Exports Recover. China’s crude throughput rose 11% month-on-month to 13.9 million b/d in August as refiners ramped up fuel exports after Beijing lifted its export ban, while inventories were drawn down by 639,000 b/d to support refinery supply and export demand.
Houthis Send Saudi Oil Back to Hormuz. Saudi Arabia is seeking to raise exports through Hormuz after attacks halted its 7 million b/d East-West pipeline, halting the main wartime outlet via Yanbu, however, replacement of Red Sea flows is hindered by record tanker rates near $1 million/day.
Trump’s Eyes Fragile Russia-Ukraine Energy Truce. US President Trump said Ukraine and Russia agreed to halt strikes on energy infrastructure, but neither side fully confirmed a reciprocal deal after several previous deals collapsed within several days, however gasoil futures fell on the news.
Iran Expands Hormuz Shipping Blacklist to 77 Vessels. Tehran’s Strait authority added 20 ships for breaching its northern-corridor rules, warning that0 listed vessels and ships conducting STS operations with them risk fines or confiscation, although Iran has yet to enforce the designations.
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EPA to Scrap Power Plant Carbon Rules. The EPA is expected to repeal Biden-era carbon standards for coal- and gas-fired power plants, including requirements for technologies such as carbon capture, revoking the legal basis for regulating greenhouse-gas emissions from the power sector.
Ukraine Drone Hits Defy Calls for Energy Truce. Ukraine’s army stated that it struck the crude processing unit of Rosneft’s 170,000 b/d Syzran refinery, underscoring continued attacks on Russian energy infrastructure despite U.S. claims of a mutual halt to strikes on critical energy assets.
Thailand and Malaysia Boost Key Gas Hub. State oil companies Petronas and PTT have signed a new 35-year PSC covering Block A-18-01 in the Malaysia-Thailand Joint Development Area, extending a project that supplies about 700 MMcf/d of gas shared equally between the two countries.
Saudi Pipeline Woes Reach European Refiners. Saudi Aramco cancelled some late-September crude cargoes for European term buyers after the halt of the East-West pipeline, the first supply impact of Houthi attacks as shipping disruptions constrain both the Red Sea and Gulf export routes.
US Eyes Deep-Sea Permits for Critical Minerals. The Trump administration signaled it could approve the first U.S. deep-sea mining permits within months, aiming to secure access to seabed deposits rich in battery and defense-critical minerals as Washington seeks to reduce dependence on China.
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Libyan Protests Trigger Force Majeure Threat. Operations were suspended at three fields in Libya after members of the Petroleum Facilities Guard closed a valve on the Hamada – Zawiya crude pipeline, prompting NOC to warn it may declare force majeure if the disruption persists or spreads.
UAE Turns Iraqi Discounts into Trading Edge. ADNOC reportedly agreed to buy 72 million Iraqi barrels for August–September at discounts reaching $27 a barrel, using its tanker fleet and Fujairah access to exploit wartime dislocations even though daily Hormuz transits remain in single digits.
White House Sanctions Russia’s 2nd Largest Bank. The US imposed Iran-related sanctions on Russia’s state-owned bank VTB (already excluded from the dollar system over Ukraine), accusing it of using rouble-rial settlement channels for trade with Tehran and ties with sanctioned Iranian lenders.
China’s Mine Safety Push Slashes Output. China produced 361.82 million tonnes in August, down 7.7% year on year but up from July’s 343.21 million tonnes as Beijing intensified inspections after another gas explosion last month, with the August 14 blast killing 7 people in Hunan province.
Senegal Turns to Eni to Revive Offshore Exploration. Senegal signed an agreement with Italian oil major ENI (BIT: ENI) to launch preliminary studies across five offshore blocks, seeking to restart exploration as the new deal underscores ENI’s role as the leading West African drilling specialist.
Dangote’s US$49Bn Refinery Goes Public. Dangote launched Africa’s largest IPO this week, offering roughly 3% of its Lagos refinery to raise US$1.6bn or US$2.1bn if oversubscribed as the Nigerian downstream giant eyes the doubling of its capacity to 1.4 million b/d by 2029.
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The article “SaudI Oil Crisis Deepens as Aramco Suspends Yanbu Loadings” was initially published on OilPrice.com on September 15, 2026
