Saudi Arabia will soon run out of oil to export if it does not restart quickly its major pipeline that was closed following drone attacks, it has been reported. The kingdom announced on Friday it had shut its East-West oil pipeline as a precaution following strikes from Iraq, likely by Iranian-backed militant groups. Riyadh did not reveal the extent of the damage nor how long it will stay offline.
The pipeline across the Arabian Peninsula has allowed Saudi Arabia to reroute 4 million barrels of oil per day to its port of Yanbu on the Red Sea, following the shutdown of the Strait of Hormuz due to the war in Iran. But repairs could take up to six weeks, endangering around 4 percent of the global oil supply, according to energy industry sources cited by . With the pipeline out of service, Yanbu can only maintain exports for just five to seven days, according to industry sources, cited by .
Newsweek has contacted the Saudi government for comment. This is a developing story and will be updated.
Extract — continue reading at the source.
