East-West pipeline prevented oil prices from exceeding $200, expert says
Oil supply security is now a top priority for markets, says Dr. Yousef Alshammari, head of the London College of Energy Economics.
Dr. Yousef Alshammari, director of the London College of Energy Economics, told Al Ekhbariya TV that supply security has emerged as the top priority for global markets. He stated that without the East-West Pipeline in place, oil prices could have risen above $200 per barrel. The diesel scarcity has influenced inflation rates in both the United States and Europe, he added.
Oil transportation through the East-West Pipeline has resumed at a rate of 5.8 million barrels per day, highlighting the significance of alternative infrastructure that has helped the Kingdom mitigate the effects of disruptions in tanker traffic across the Strait of Hormuz.
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