Saudi Arabia faces a significant challenge as it may soon run out of oil to export due to a crucial pipeline shutdown. The closure follows drone attacks reported to be linked to Iranian-backed militant groups in Iraq.
The kingdom announced the shutdown of its East-West pipeline as a precaution. This pipeline plays a vital role in transporting oil across the Arabian Peninsula, rerouting up to 4 million barrels per day to the Yanbu port on the Red Sea. The shutdown arose from the closure of the Strait of Hormuz, a consequence of the ongoing conflict in Iran.
However, the extent of the pipeline’s damage and the timeline for repairs remain undisclosed by Riyadh. Industry sources informed Reuters that repairs might take six weeks to complete. Such a delay threatens approximately 4 percent of the global oil supply.
In the meantime, Yanbu’s ability to sustain exports is limited to about five to seven days. Reuters cited industry sources confirming this timeframe.
Newsweek has contacted the Saudi government for further comments on the situation.
This situation is ongoing and further updates will be provided as more information becomes available.
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