WorldEconomy
Saudi Arabia may run out of exportable oil within days if pipeline hit by drone attack stays shut
Saudi Arabia could run out of crude stocks for export within days if a major east-west pipeline damaged by a drone attack described as a Houthi attack remains offline, industry sources said. The outage threatens to remove up to 4% of global oil supply from the market.
Saudi Arabia could run out of oil stocks for export within days if it fails to restart a major pipeline damaged by a drone attack described as a Houthi attack, according to industry sources familiar with Saudi shipments.
The east-west pipeline was shut on Friday after drone attacks damaged the route. It carries Saudi crude from the country's oil fields in the east to Yanbu on the Red Sea.
The kingdom has enough crude at the Red Sea port of Yanbu to maintain exports for only five to seven days, the sources said. The stocks could eventually run out if the pipeline remains offline.
Saudi Arabia has not said how badly the pipeline was damaged or when it could restart. The damage also threatens to remove up to 4% of global oil supply from the market, Saudi oil buyers and traders said.
The source material did not provide further details on the timeline for a possible restart or on the full extent of the damage.
- Houthi drone attack
- Saudi oil stocks
- pipeline shutdown
- global oil supply
- oil prices rise
From
WorldEconomy
Saudi Arabia may run out of exportable oil within days if pipeline hit by drone attack stays shut
Saudi Arabia could run out of crude stocks for export within days if a major east-west pipeline damaged by a drone attack described as a Houthi attack remains offline, industry sources said. The outage threatens to remove up to 4% of global oil supply from the market.
Saudi Arabia could run out of oil stocks for export within days if it fails to restart a major pipeline damaged by a drone attack described as a Houthi attack, according to industry sources familiar with Saudi shipments.
The east-west pipeline was shut on Friday after drone attacks damaged the route. It carries Saudi crude from the country's oil fields in the east to Yanbu on the Red Sea.
The kingdom has enough crude at the Red Sea port of Yanbu to maintain exports for only five to seven days, the sources said. The stocks could eventually run out if the pipeline remains offline.
Saudi Arabia has not said how badly the pipeline was damaged or when it could restart. The damage also threatens to remove up to 4% of global oil supply from the market, Saudi oil buyers and traders said.
The source material did not provide further details on the timeline for a possible restart or on the full extent of the damage.
- Houthi drone attack
- Saudi oil stocks
- pipeline shutdown
- global oil supply
- oil prices rise
From