Saudi pipeline shutdown to have limited impact on supply in short term: gov't
The recent shutdown of a major oil pipeline in Saudi Arabia is expected to have only a limited impact on supply in the short term, the industry ministry said Monday, pledging to closely monitor the situation in cooperation with relevant businesses. The Ministry of Trade, Industry and Resources hosted a meeting with businesses to discuss ways to address escalating tensions in the Middle East,…
Saudi Arabia's recent shutdown of a major oil pipeline is unlikely to significantly affect supply in the near future, according to the government. The Ministry of Trade, Industry and Resources convened a meeting with businesses to discuss the situation, which arose after an attack on the country's crucial East-West pipeline. Local oil refiners have reportedly secured over 90 percent of the crude required for September and October, based on the previous year's levels, indicating minimal shortfalls in supply.
The government has pledged to closely monitor the Middle East developments and support shippers seeking alternative routes, while maintaining communication with oil refiners and maritime shippers to prevent any inconvenience to the public.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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