Saudi pipeline oil flows recover, US increases release of reserves; crude oil market tightness eases

1. International oil prices posted their biggest drop in more than a week on Tuesday. There are signs that Middle Eastern crude oil supply has rebounded to near pre-war levels as Saudi Arabia resumes pumping oil through pipelines bypassing the Strait of Hormuz.2. According to sources, Saudi Arabia has restored west-east pipeline flows to at least 3.5 million barrels per day, about half of the pipeline's total capacity.3. Meanwhile, the United States announced it will release more crude oil from its emergency reserves. This release, which could be up to 40 million barrels, will be the final batch of the 172 million barrels of crude oil the U.S. pledged to participate in globally coordinated releases since the outbreak of the war. With less than two months until the midterm elections, the government is making efforts to address soaring fuel prices.4. Two delegates revealed that key OPEC+ member countries may keep crude oil output quotas unchanged for next month when they meet this weekend.