Saudis yet to provide details about damage from drone attack to key east-west pipeline to Red Sea that could affect 4% of global oil supply
Saudi Arabia will run out of oil stocks for export if it doesn’t restart a drone-damaged major pipeline to the Red Sea within days, leading to the loss of up to 4% of global supply, Saudi oil buyers and traders said.
Satellite photos released on Sunday night appeared to show a pumping station on the key 1,200km (745-mile) Saudi east-west pipeline charred and badly damaged, after drone attacks on Friday.
A further decline in oil flow from Saudi Arabia, the world largest oil exporter, will worsen the global supply crunch, which has already pushed global fuel prices to record highs and spurred inflation around the world.
The news comes as Yemen’s Iran-aligned Houthi forces have launched attacks on targets in Saudi Arabia and captured the strategic island of Perim in the Bab al-Mandab strait, expanding their control of the narrow waterway.
