Saudi Arabia plans to expand oil pipeline capacity to 10 million barrels per day

Prince Abdulaziz bin Salman opened the 25th WPC Energy Congress in Riyadh on Oct. 12 announcing plans to lift Saudi oil pipeline capacity to 10 million barrels per day within two to three years. Aramco could add up to 1.2 million barrels per day within seven to eight weeks by converting a gas pipeline to crude; he told CEO Amin Nasser the line could carry oil until May before reverting to gas for summer. Longer-term steps include East-West pumping upgrades, new routes, and talks with countries such as Kuwait. Nasser said Aramco is studying overseas storage and alternate export paths, including higher Red Sea port capacity. Accounts differ on the East-West baseline: one report cites up to 7 million barrels per day; Gulf News says it was previously expanded to 5 million. The minister said it carried 5.8 million barrels a day as of Oct. 6. "You don't sit on your hands, you create options to maneuver as these things happen," Prince Abdulaziz said, adding fear has no place in the Saudi vocabulary. US Energy Secretary Chris Wright said Hormuz oil flows recovered to 80-90% of pre-conflict levels and refined products to 25-35%. OPEC's Haitham Al Ghais said global demand growth could reach 1.7 million barrels per day in 2027. The congress runs through Oct. 15.