Aramco is looking to raise the Petroline pipeline's capacity from about 7 million to 10 million barrels per day to reduce reliance on the Strait of Hormuz, which has been nearly blocked since the conflict began, and Saudi Energy Minister Prince Abdulaziz bin Salman said the expansion would take two to three years. Before the war, the route carried about 2 million barrels per day, and Aramco's first-quarter profit rose 25% after the pipeline reached its maximum of 7 million barrels per day. The pipeline has been hit by drones several times, and Houthi forces control the Bab al-Mandab area, keeping risks high. Professor Gilbert Metcalf of MIT Sloan said that reaching 10 million barrels per day would add about 2% to global supply, so the effect on prices may be limited. Kpler data show Hormuz exports in September averaged just under 9 million barrels per day, about 44% of February levels, although US Energy Secretary Chris Wright said Gulf oil flows had recovered 80-90%.
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- Crude oil prices touch $110 a barrel
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