This could lead to a significant reduction in oil supplies on the global market, Reuters reports, citing buyers of Saudi oil and traders. Up to 4% of global oil supplies could be removed from the market due to the shutdown of the Saudi pipeline "East - West." Following a drone attack, the pipeline, which transported about 4 million barrels per day to the port of Yanbu on the Red Sea, bypassing the Hormuz Strait, has been halted. The oil reserves in Yanbu, at the current export rates, will last for about 5-7 days. After that, Saudi Arabia will have to cut supplies if pumping does not resume. According to Reuters sources, full repairs to the pipeline could take up to 5-6 weeks, although some capacities may be brought back online sooner. The situation is complicated by the war in the Middle East and transportation issues through the Hormuz Strait. Oil production in Saudi Arabia has already decreased from 10.9 million barrels per day in February to 6.2 million in August. Further reductions in Saudi exports could drive global oil and fuel prices even higher.
