Saudi pipeline outage threatens loss of 4% of global oil supply
- On Friday, drone attacks forced Saudi Arabia to shut its major east-west oil pipeline, threatening a loss of up to 4% of global supply if the route is not restarted within days.
- The pipeline running through the Arabian Peninsula desert has allowed Saudi Arabia to bypass the Strait of Hormuz, which has crippled regional exports since the wartime shutdown began six months ago.
- With the route offline, Yanbu storage holds stocks for just five to seven days of exports, while Saudi Arabia also maintains reserves at Egypt's Ain Sukhna and Sidi Kerir ports.
- Compounding the crisis, Houthi fighters in Yemen seized an island Friday in the mouth of the Red Sea, adding another threat to Saudi oil shipments through the region.
- The International Energy Agency reported world oil supply will decline by 5.7 million barrels per day, or about 6% this year, as the supply crunch pushes global fuel prices to record highs.
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38 Articles
A drone attack hit Yanbu's oil knot at the Red Sea. Huthi's advance could put a considerable strain on oil prices and the global economy.
Yanbu stocks last only 5–7 days – With no clear timetable for the reopening of the East-West Pipeline, the tanker market is seeking a balance between lost Gulf cargoes and replacement barrels from further afield
Saudi Pipeline Disruption: Potential Global Oil Crisis Looms | Science-Environment
A significant pipeline disruption in Saudi Arabia threatens a global oil supply crisis, risking up to a 4% loss in global supply unless operations resume swiftly. The situation has exacerbated soaring fuel prices and economic inflation, amid concerns about protracted repair timelines following recent drone attacks.
Saudi pipeline outage threatens loss of 4% of global oil supply
Saudi Arabia will run out of oil stocks for exports if it doesn't restart its major pipeline to the Red Sea within days, leading to a loss of up to 4% of global supply, Saudi oil buyers and traders said. A further decline in Saudi flows will worsen the global supply crunch, which has already pushed global fuel prices to record highs, spurred inflation around the world and sent U.S. bond yields to the highest levels since the 2008 financial cri…
The Houthis have targeted the East-West oil pipeline in Saudi Arabia The post Saudi Arabia: Operation of the pipeline to the Red Sea is essential for global oil supply appeared first on in.gr.
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