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Saudi pipeline halt risks 4% of global oil
The Kingdom of Saudi Arabia faces the risk of losing nearly 4% of the global oil supplies if it does not resume operation of the main pipeline that transports oil from its fields to the Red Sea within days, following a drone attack that caused the line to halt since Friday. Current stockpiles at the Yanbu port are estimated to last only between five to seven days, threatening the continued export of approximately four million barrels per day, which accounts for about 4% of global supplies. The line's suspension has heightened tensions that have already caused Saudi oil supplies to drop to their lowest levels in three decades, amid ongoing production declines and forecasts of a significant reduction in Saudi output in the coming months.
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