Global oil supply could decrease by up to 4% if Saudi Arabia’s major pipeline that delivers crude to the Red Sea coast does not resume operation soon, Reuters claims.
The pipeline previously allowed the Saudis to mitigate the effect of the Strait of Hormuz blockade by funneling about 4 million barrels of oil daily to the port of Yanbu.
On September 11, however, the pipeline was shut down following Houthi drone strikes, and repairs may take up to six weeks, whereas Yanbu has no more than seven days’ worth of oil export stocks.
The Houthis ability to de facto control maritime traffic through the Bab el-Mandeb Strait further complicates Saudi oil exports via that route.
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