Oil price falls to $98 after Saudi Arabia indicates reopening of East-West pipeline
This key route for Saudi crude to reach the Red Sea has remained closed for two weeks after suffering a series of drone attacks.
Saudi Arabia's East-West pipeline, which was closed for two weeks after drone attacks, is set to reopen, potentially increasing oil exports. The news caused oil prices to drop, with Brent crude falling almost 3% to below $98 per barrel and WTI crude dropping 3% to $92.94 per barrel. The pipeline, which has a capacity of 7 million barrels per day, was shut after attacks on pumping stations, but it is unclear how much oil will flow through it once it reopens.
Analysts estimate that if 40% of the pipeline's capacity is restored, an additional 1 million barrels of crude per day could enter the market.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
