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[Saudi Aramco to Expand East-West Oil Pipeline Bypassing the Strait of Hormuz] ⑴ The CEO of Saudi Aramco, the Saudi national oil giant, confirmed at an analyst conference that the expansion project of the East-West crude oil pipeline bypassing the Strait of Hormuz has commenced. ⑵ This vital waterway connects the Gulf region with the global oil market, and related traffic risks have altered the energy flow and infrastructure investment direction of regional oil-producing countries. ⑶ Saudi energy officials previously signaled plans to increase the pipeline's crude oil export capacity to 10 million barrels per day by upgrading existing domestic pipelines and the East-West pipeline. ⑷ In addition to this East-West pipeline, the company is also conducting preliminary engineering studies on other alternative export routes. Details of the new projects have not yet been disclosed, pending final investment decisions. ⑸ Saudi Aramco currently has three crude oil export routes, passing through the Strait of Hormuz, the Bab el-Mandeb Strait, and the Suez Canal. ⑹ The East-West pipeline has been attacked multiple times and currently has a maximum transport capacity of 7 million barrels per day, which the company considers a critical energy security channel. ⑺ Saudi Aramco is also assessing the feasibility of establishing additional crude oil storage facilities overseas to enrich its storage and transportation network. (8) The company's representative mentioned that the impact of this round of regional crisis has spilled over into the energy sector, pushing up freight rates, exacerbating supply shortages, and increasing global inflationary pressures. (9) There have been hundreds of attacks on oil tankers during this conflict, and freight rates for large crude oil carriers have increased significantly compared to last year. (10) The company believes that the fundamentals of crude oil demand remain robust, and long-term energy planning should not be dominated by short-term market fluctuations. (11) Saudi Aramco stated that it has the ability to quickly increase crude oil production should market demand arise. (12) The company's third-quarter profits increased by more than 30% year-on-year, and it continues to advance pipeline and storage and transportation layouts to hedge against shipping channel risks.