Saudi’s potential 2m bbl pipeline plan is a good start

研报英文原文证据摘录

Saudi’s potential 2m bbl pipeline plan is a good start

J P M O R G A N Global Markets Strategy

08 July 2026

Saudi’s potential 2m bbl pipeline

plan is a good start

But it is only 2m bbl/day answer to the 14m bbl/day

problem to achieve zero dependence on the Strait. Stay

OW the MENA ports and pipeline theme

Reuters report (via Bloomberg here) that Saudi is considering a 2m bbl/day CEEMEA & South Africa Equity

expansion of its East-West pipeline in conjuction with its neighbors. We have Strategy

been expecting this kind of development since we published our forecast of a David Aserkoff, CFA AC

$100bn+ capex wave of pipeline/ports in our 5 June report here. What we think (44-20) 7134-5887

is promising about this report, which has not been confirmed by the parties david.aserkoff@jpmorgan.com

concerned, is the discussion with neighbors. However, we question the scale. The J.P. Morgan Securities plc

2m bbl/day only covers 14% of our estimate of the 14m bbl/day needed to Inga Q Galeni AC

achieve zero dependence on the Strait. While East Pipes was +5% and Arabian (27-11) 507-0335

inga.galeni@jpmorgan.com

Pipes was+7% today, we are confident the theme and the associated midcaps have J.P. Morgan Equities South Africa (Pty) Ltd.

further upside as Saudi and the UAE do more to fill in the remaining 12m bbl/day

infrastructure gap. We continue to flag our JPM MENA Energy Infrastructure

Buildout Beneficiaries’ Delta 1 basket (JPMEIFRA Index on Bloomberg). We

remain a cautious N on both MSCI Saudi and MSCI UAE, but expect the pipelines/

ports mid-cap theme, especially in Saudi, to continue to outperform and attract

ongoing interest from both GEM and regional funds.

What would the neighbors say? Yes!

Yes! We think Saudi’s neighbors would say yes to participating in these kinds of