Major Saudi oil pipeline could be out of service for several weeks
The "East-West" oil pipeline, damaged in Saudi Arabia, could remain inoperative for several weeks, Bild reports . According to information from the oil industry, its restoration could take five to six weeks. Saudi Arabian authorities have not yet published an official repair schedule.
The pipeline was damaged as a result of drone attacks on September 12. The strikes hit its pumping stations. Satellite images show serious damage to several facilities. Saudi authorities reported casualties. Who exactly is behind the attacks has not yet been officially established.
Saudi Arabia and Iraq stated that the drones were launched from Iraqi territory. Iraqi authorities have launched an investigation. Earlier, a version was put forward that Yemeni Houthis could be behind the attack.
The "East-West" oil pipeline is of great importance for Saudi oil exports. Recently, about 4-5 million barrels of oil were pumped through it daily. This accounts for up to 5% of the total global oil supply.
The oil industry fears that a prolonged shutdown of the pipeline could affect the global market. If it cannot be quickly restored, at least partially, Saudi Arabia could face a significant reduction in export volumes.
According to traders and buyers of Saudi oil, current stocks at Yanbu port may only last for five to seven days. If the pipeline is not returned to operation, even partially, within this time, supply volumes from Saudi Arabia could noticeably decrease.
The market is already reacting to the situation: global oil prices are rising. Experts warn that if repairs drag on for several weeks, it could lead to an even greater increase in oil prices and, consequently, fuel prices in various countries.
Now reading
Do you remember the crazy race in Brest during which three people died? The VIDEO from the motorcyclist's action camera shows he sped up to 186 km/h 77
Comments