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."
Volkswagen's supervisory board has approved a transformation plan on Thursday that will include cutting another 50,000 jobs in its attempt to counter painful tariffs, overcapacity, and aggressive Chinese rivals.
The UAE Ministry of Economy and Tourism has outlined new regulations aimed at strengthening the fight against commercial fraud, protecting consumers and improving market oversight.
Apple is facing a £2 billion ($2.7 billion) London lawsuit brought on behalf of app developers over its app tracking rules, with the iPhone maker accused of abusing its power to unfairly impose greater restrictions on third parties.
Shares in online fast-fashion retailer Shein have fell 8 per cent in their first day of Hong Kong trade on Tuesday, with investors worried about the impact of setbacks that long delayed its listing and have undermined its competitive advantages.
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