Saudi Arabia has restored the full capacity of its East-West pipeline to seven million barrels per day, thus restoring an important link in oil exports through the Red Sea, Bloomberg reports..

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Production at Saudi Aramco's Manifah offshore oil production facility has also been restored, the country's Energy Ministry said on Sunday, April 12, although work at the onshore Khurais complex continues.. The attacks on Manifah and Khurais reduced production capacity by about 300,000 barrels per day, media reported last week..

“This rapid recovery demonstrates the strong operational resilience and effective crisis management of Saudi Aramco and the Kingdom’s energy ecosystem as a whole, which enhances the reliability and continuity of supply to local and global markets,” the department said in a statement..

The Khurais field produces the light oil that Aramco transported through the East-West Pipeline, while the Manifa field and other Aramco offshore fields typically produce thicker, heavy oil..

The strike last week, hours after a truce was declared in the US-Israeli war with Iran, damaged one of 11 pumping stations along the 1,200-kilometer pipeline, cutting capacity by 700,000 barrels per day.. Since late February, Saudi Arabia has quadrupled oil shipments from its Red Sea terminals to circumvent the near-total closure of the Strait of Hormuz..

The US and Iran held talks in Pakistan, but failed to reach an agreement. According to US Vice President J.D. Vance, Iran has not agreed to commit to never seeking nuclear weapons..

Failure to reach an agreement will likely lead to further turmoil in oil and gas markets.

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The Strategy XXI Center's Expert Group analyzed how a new war in the Middle East is rewriting the rules of the global economy and who will pay a high price and who will benefit in the article "