Saudi Pipeline Shutdown to Have Limited Impact on Supply: Government
The recent shutdown of Saudi Arabia's major oil pipeline is expected to have only a limited impact on supply in the short term, according to the country's industry ministry.
The Ministry of Trade, Industry and Resources hosted a meeting with businesses to discuss ways to address escalating tensions in the Middle East, including an attack on the crucial East-West pipeline.
Local oil refiners have secured more than 90 percent of the crude needed for September and October based on the previous year's levels, which is expected to cause very little shortfalls in regard to supply.
The government will continue to monitor developments in the Middle East while supporting shippers seeking to use alternative routes. Vice Industry Minister Moon Shin-hak stated, 'The government will communicate closely with oil refiners and maritime shippers while closely monitoring supply conditions to prevent any inconvenience to the public.'