Saudi Red Sea Oil Stocks Plummet After Pipeline Attack

The Red Sea oil stocks in Saudi Arabia have reached a six-year low following an attack on the country's biggest pipeline, intelligence providers say.

According to Vortexa, which estimates oil stockpiles based on satellite imagery, stored oil on Saudi Arabia's western coast as of September 22 fell to 42 million barrels, about 10 million less than the seasonal average.

The East-West pipeline, which transports crude from oilfields in the east of the country to refineries and ports on the west coast, was shut on September 12 after a drone attack launched from Iraq. Despite reports circulating that the pipeline would recommence operations soon, Aramco and the Energy Ministry have declined to comment.