Saudi Arabia’s recent pipeline shutdown is expected to have only a limited short-term impact on supply, the industry ministry said Monday. The Ministry of Trade, Industry and Resources held a meeting with businesses on Middle East tensions, including the attack on Saudi Arabia’s East-West pipeline. The government said local refiners have secured more than 90 percent of September and October crude needs based on last year’s levels and will monitor supply conditions with shippers and refiners.
Oil prices are displayed at a gas station in Seoul, Sunday. Yonhap
The recent shutdown of a major oil pipeline in Saudi Arabia is expected to have only a limited impact on supply in the short term, the industry ministry said Monday, pledging to closely monitor the situation in cooperation with relevant businesses.
The Ministry of Trade, Industry and Resources hosted a meeting with businesses to discuss ways to address escalating tensions in the Middle East, including an attack on Saudi Arabia's crucial East-West pipeline.
According to the ministry, local oil refiners have secured more than 90 percent of the crude needed for September and October based on the previous year's levels, noting that the latest developments are expected to cause very little shortfalls in regard to supply.
