Brent Hits $108 as Saudi Pipeline Shutdown Deepens Supply Fears
The shutdown could remove about 4% of global oil supply, and analysts said Yanbu stocks may cover exports for only five to seven days.
- Brent crude prices surged above $107 on Monday as escalating tensions in the Middle East stoked fears of supply disruptions, following Saudi Arabia's emergency shutdown of its critical East-West pipeline.
- Multiple drones launched from Iraq targeted the 1200-kilometre East-West oil pipeline in the Riyadh and Medina regions on Thursday, the Saudi Foreign Ministry reported.
- Oil prices jumped more than 2% on Monday as new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns.
- Export capacity at Yanbu port is limited to five to seven days, while Omani Foreign Minister Badr Albusaidi confirmed that a scheduled Monday meeting between Gulf countries and Iran regarding the Strait of Hormuz was postponed.
- Repairing the pipeline could take over a month due to a "lack of spare parts," ING commodity strategists reported, as the global energy market remains under severe strain.
234 Articles
234 Articles
Chris Wright says damage assessments continue as Hormuz oil flows remain above 10M barrels per day
Saudi Arabia’s Oil Lifeline Just Went Down. The World May Be Running Out Of Time
by Paris Apodaca at CDN - Saudi Arabia could run out of oil available for export within days after an attack shut down a critical pipeline used to bypass the Strait of Hormuz. The kingdom has enough crude stored at the Red Sea port of Yanbu to maintain current export levels for roughly five to seven days without new supplies flowing … Click to read the rest HERE-> Saudi Arabia’s Oil Lifeline Just Went Down. The World May Be Running Out Of Time f…
Brent's oil cost about 7 million barrels a day when the Saudi oil pipeline East West stopped, and some of the market's growth was lost because of new diplomatic signals from the United States.
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Iran backed Houthi attack on Saudi pipeline threatens global supply
(The Center Square) -- The Iran-backed Yemeni Houthi attack of a key Saudi Arabian East-West pipeline has restricted Persian Gulf exports of crude oil and other products causing gas prices to skyrocket just months ahead of the midterm elections.
(New York = Yonhap News) Correspondent Kim Yeon-sook = International oil prices rose on the 14th (local time) as Saudi Arabia's key oil pipeline was shut down.
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