Saudi Arabia Could Run Out of Oil For Export Within Days as Pipeline Shut
Summary
Saudi Arabia stopped a key oil pipeline after drone attacks damaged it. This pause could make the country run out of oil to export in about a week if the pipeline is not quickly fixed.Key Facts
- Saudi Arabia shut its East-West oil pipeline after drone attacks on Friday.
- The attacks likely came from Iranian-backed militant groups in Iraq.
- The pipeline moves 4 million barrels of oil per day to Yanbu port on the Red Sea.
- The pipeline helps bypass the Strait of Hormuz, which is closed due to the war involving Iran.
- Repairs could take up to six weeks to complete.
- Without the pipeline, Saudi Arabia can only export oil for 5 to 7 more days.
- The pipeline shutdown could threaten about 4% of the world’s oil supply.
- Saudi officials have not said how bad the damage is or how long the pipeline will be down.
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