Saudi Pipeline Shutdown Risks Global Oil Supply Crunch

Saudi Arabia's major East-West oil pipeline has been shut down due to drone attacks, leaving the country at risk of running out of oil for export within days. The pipeline, which allows the kingdom to reroute 4 million barrels of oil per day to its port of Yanbu on the Red Sea, may take up to six weeks to repair.

According to industry sources, with the pipeline out of service, Yanbu can only maintain exports for just five to seven days. This is a concerning development as it endangers around 4 percent of the global oil supply.