Commodities
Saudi Oil Pipeline Out of Service for Weeks After Drone Attack
A crucial Saudi oil pipeline was damaged in an attack and will be out of service for weeks as damage is repaired, regional officials said.
The East-West Pipeline carries a large majority of Saudi Arabia's oil exports, according to Rystad Energy. It has been moving 2.6 million to 4 million barrels per day since late August.
A monthlong closure would represent a 'large disruption' and see crude deliveries take longer and become more expensive, said Rystad Energy.