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Saudi pipeline shutdown risks 4% global oil loss
Saudi Arabia faces the risk of losing about 4% of global oil supplies due to the disruption of the main pipeline leading to the Red Sea, following drone attacks that led to its shutdown. The repair is estimated to take between 5 and 6 weeks. With the line halted, current inventories only last for a few days (5 to 7 days in Yanbu, and just a few days in Ayn Sokhna and Sidi Kerir). It is worth noting that Saudi Arabia relies on this pipeline to transfer around 4 million barrels per day, which accounts for a significant portion of global supplies. The decline in flows through the Strait of Hormuz, resulting from tensions and attacks, has already contributed to shortages, leading to record-high fuel prices and exacerbating global inflation.
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