Key facts
- Saudi Arabia's East-West oil pipeline could resume operations within days, according to U.S. Energy Secretary Chris Wright.
- The 1,200-km pipeline was shut after an attack last week damaged the system.
- The pipeline moves 4 million to 5 million barrels per day, representing 4% to 5% of global oil supply.
- Oil loadings at Saudi Arabia's Red Sea port of Yanbu have been suspended.
- Australia's Energy Minister Chris Bowen will visit Saudi Arabia to seek updates on the pipeline's status and repair timeline.
Saudi Arabia’s vital East-West oil pipeline could resume operations within days, U.S. Energy Secretary Chris Wright said Tuesday, offering a timeline for restoring a route that had been moving 4 million to 5 million barrels per day. The 1,200-kilometer pipeline was shut after an attack last week damaged the system, leading to suspended oil loadings at the Red Sea port of Yanbu.
Wright indicated that Saudi officials were assessing the damage but expected repairs to be measured in days rather than weeks. The pipeline is crucial for global oil supplies, representing 4% to 5% of global supply and providing an outlet for Saudi crude while traffic through the Strait of Hormuz remains constrained.
Australia's Energy Minister Chris Bowen is scheduled to visit Saudi Arabia to seek updates on the pipeline's status and repair timeline. Saudi Aramco has already canceled or delayed late-September crude cargoes to European refiners, and traders have pushed Brent crude prices above $108 per barrel due to supply concerns.