Attack on Saudi Arabian pipeline may cut four percent of world's oil supply
Attack on Saudi Arabian pipeline may cut four percent of world's oil supply Saudi Arabia may need five to six weeks to repair damage from a drone attack on its East-West Pipelin e, taking nearly four percent of global oil supplies off the market, according to a report by Reuters. Brent, the international benchmark, was trading up three percent on Monday at nearly $108 per barrel. Oil already…
A drone attack on a Saudi Arabian pipeline could reduce four percent of the world's oil supply, according to a Reuters report. The East-West Pipeline, located in the Middle East, may take five to six weeks for Saudi Arabia to repair the damage. This disruption is expected to take nearly four percent of global oil supplies off the market.
As of Monday, Brent crude, the international benchmark for oil prices, was trading up three percent at $108 per barrel. The recent price surge can be attributed to a Houthi offensive in Yemen, which gained control of the Bab el-Mandeb Strait, a critical Red Sea shipping route for Saudi oil exports. The increase in Brent's price does not necessarily mean that customers will face higher costs for oil, especially refined products like diesel.
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