Saudi Arabia has restored full oil pumping capacity through the East-West pipeline to about seven million barrels per day, it said on Sunday, days after providing an assessment of damage on its energy sector from attacks during the Iran conflict.
The ministry said energy facilities and the pipeline affected by attacks during the conflict have recovered and restored operational capacity.
Saudi said on Thursday the attacks had cut its oil production capacity by around 600,000 barrels per day and throughput on its East-West Pipeline by about 700,000 bpd.
The East-West Pipeline has been Saudi Arabia's only crude export route amid the closure of the Strait of Hormuz. Reuters reported on Wednesday that Iran attacked the pipeline just hours after the ceasefire was agreed.
The ministry said it recovered affected volumes from the Manifa oilfield, where output had previously been reduced by around 300,000 bpd.
Work was ongoing to restore full output at the Khurais facility, after strikes on it reduced Saudi capacity by a further 300,000 bpd, the ministry said.
It said the quick recovery would enhance the "reliability and continuity of supplies to local and global markets."
French luxury group LVMH has agreed to sell fashion brand Marc Jacobs to a joint venture between brand manager WHP Global and apparel company G-III Apparel Group, which are raising up to $850 million to fund the deal, the companies said on Thursday.
India on Thursday tightened rules for duty-free gold imports for jewellery exports by capping imports at 100 kg per licence, the government said in an order.
The US Senate on Wednesday voted to confirm Kevin Warsh as the chair of the Federal Reserve, paving the way for the lawyer, financier and former central-bank governor to take the reins of the Fed.
Dubai Taxi Company (DTC) has announced a major expansion deal, signing an agreement to acquire National Taxi, one of the UAE’s established taxi operators, in a transaction valued at AED 1.45 billion.
Dubai Holding has acquired a 22.27 per cent equity stake in Emaar Properties from the Investment Corporation of Dubai (ICD), becoming the company's largest shareholder with a total 29.73 per cent stake.
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