Drone strike halts Saudi East-West oil pipeline, threatening 4% of global supply
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A drone attack on Saudi Arabia's East-West oil pipeline on September 11 halted crude flows through the line. Buyers and traders said Yanbu port reserves would cover only five to seven days of imports if the pipeline is not restored. The disruption adds to supply losses already caused by shipping interruptions in the Strait of Hormuz.
Key Facts
- The September 11 drone attack on the East-West pipeline halted crude pumping through the line.
- Up to 4% of global oil supply could be at risk, according to Reuters.
- Yanbu port reserves would cover only five to seven days of imports if the pipeline is not restored.
- Oil prices exceeded $100 last week for the first time since July.
Pipeline Attack
Several drones struck Saudi Arabia's East-West oil pipeline on September 11. Crude pumping through the pipeline was halted after the attack. The pipeline carries Saudi crude to the Red Sea coast.
Supply Risk
Reuters reported that up to 4% of global oil supply could be at risk. The disruption adds to daily losses of millions of barrels already caused by shipping interruptions in the Strait of Hormuz. Buyers and traders said Yanbu port reserves would cover only five to seven days of imports if the pipeline is not restored.
Market Reaction
Oil prices exceeded $100 last week for the first time since July. The price rise followed the pipeline attack and ongoing Hormuz disruptions.
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