Saudi pipeline outage risks 4% of global oil
A Saudi pipeline has been disrupted, threatening a loss of 4% of global oil supplies, as its closure results in oil export storage in Yanbu decreasing to only enough for five to seven days. This outage comes at a time when Saudi oil supplies have already declined significantly, exacerbating the global supply crisis that has led to rising prices and global inflation, with flows through the Strait of Hormuz and the Red Sea decreasing. Saudi Arabia is one of the largest oil exporters in the world, and its use of this pipeline has helped to avoid the impact of closing the Strait of Hormuz. However, its current stoppage threatens to cut oil supplies by 4%, adding pressure to global energy markets.
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