Argaam Weekend | What Is a Loss That Never Happened Worth?

What Is a Loss That Never Happened Worth?

17^thOctober 2026

● Aramco’s Barrel Has Two Prices

Topics of the Week

Aramco’s Barrel Has Two Prices

Until 10 September, the East-West Pipeline was flowing at full capacity -- a strategic artery carrying 7 million barrels per day from the Eastern Province to the Red Sea to bypass the Strait of Hormuz.

When Fewer Barrels Mean More Revenue

Ask most observers what a disruption to Saudi oil exports should do to the budget, and the answer comes quickly: fewer barrels, less revenue, a wider deficit.

Yanbu at Full Capacity, Europe in Shortage: The Commercial Mechanics Behind a Misdirected Supply Chain

As Saudi Arabia ramped up refined product exports, chiefly jet fuel, through its Red Sea port of Yanbu in March 2026 due to the effective closure of the Strait of Hormuz, flows surged to near-record levels — with the pipeline feeding Yanbu running at full capacity. Many of these cargoes left port without a fixed buyer or destination, available to whoever offered the best terms.

Saudi Oil Through Alternative Routes: An Objective Assessment of Cost and Return

The East-West Pipeline and Yanbu terminal resolve the logistics question. What they do not resolve is the fiscal one. Even with full rerouting capacity operational, Saudi Arabia faces a gap between the price its crude commands under normal conditions and the price a disrupted.