Saudi East-West Pipeline Hit by Drone Attack
A drone attack on Saudi Arabia's East-West oil pipeline has suspended operations and raised concerns about global oil supplies. The 1,200km-long pipeline carries around 4-5 million barrels of oil per day from eastern fields to the Red Sea port of Yanbu, bypassing the Strait of Hormuz.
The attack, which occurred last Thursday, caused damage and injuries in the Riyadh and Medina regions. Saudi authorities said drones hit the pipeline in two areas, and the launch was traced to Maysan province in southeastern Iraq, near the Iranian border.
The East-West pipeline has been crucial for Saudi Arabia since the US-Israel war on Iran began in February, reducing oil flows through the Strait of Hormuz. The closure comes as global oil inventories have already been falling, and the International Energy Agency (IEA) estimates a 5.7 million bpd decline this year.
The pipeline's shutdown may not last long, with sources estimating repairs could take five to six weeks. However, if damage is extensive, it could impact Saudi Arabia's ability to compensate for lost Gulf exports, which would be a significant blow to the global oil market.