Saudi Oil Pipeline Damaged by Drone Attacks as Global Prices Soar

Saudi Arabia's East-West oil pipeline has been damaged by drones in an attack attributed to Iran-backed fighters in Iraq. The pipeline, which can carry up to 7 million barrels of oil per day, is used to export oil from Saudi Arabia's oil-producing region on the Persian Gulf to the port of Yanbu on the Red Sea. The damage will likely take several weeks to repair, although a partial reopening is possible as the pipeline consists of two parallel lines.

The attack adds to the challenges facing Saudi Arabia's oil production, which has been falling during the conflict in Yemen. Saudi's oil supply fell 2.3 million barrels per day to 6 million barrels per day in August, according to the International Energy Agency. The country produced around 9.4 million barrels a day on average last year.

The damage to the pipeline and the subsequent rise in crude oil prices has been exacerbated by other factors affecting diesel prices, including Russia's diesel export ban and Ukraine's attacks on Russian refineries. President Trump called on Ukrainian President Volodymyr Zelenskiy to stop targeting Russian diesel infrastructure, saying the attacks were causing a shortage of the fuel that is 'hurting the world.'