Saudi Pipeline Attack Won't Devastate Global Oil Supplies

The recent attack on Saudi Arabia's East-West pipeline has raised concerns about potential disruptions to global oil supplies. However, according to the Ministry of Trade, Industry and Resources, local oil refiners have secured more than 90 percent of the crude needed for September and October based on last year's levels.

This means that the shutdown is unlikely to have a long-term impact on supply, with the ministry pledging to closely monitor the situation in cooperation with relevant businesses.

The government will also continue to communicate closely with oil refiners and maritime shippers while closely monitoring supply conditions to prevent any inconvenience to the public, Vice Industry Minister Moon Shin-hak said.