April 8 – Saudi Arabia's vital East-West oil pipeline, which is currently the only way for the country to export crude oil, was attacked in an incident linked to Iran. Other facilities in Saudi Arabia were also targeted...
April 8 – Saudi Arabia's vital East-West oil pipeline, which is currently the only way for the country to export crude oil, was attacked in an incident linked to Iran. Other facilities in Saudi Arabia were also targeted, according to an industry source.
This pipeline is responsible for moving about 7 million barrels per day from the eastern oil-producing regions to the Red Sea port of Yanbu. Iran's actions have effectively closed the Strait of Hormuz, causing a significant backlog of oil and gas and leading to a surge in global energy prices.
The source mentioned that the flow through the pipeline might be impacted, and damage is currently being evaluated. This situation could worsen what experts describe as the worst energy crisis in the world.
Saudi Aramco typically uses about 2 million bpd for domestic needs, leaving around 5 million bpd available for export. According to shipping data, Yanbu loadings were near maximum capacity at 4.6 million bpd during the week starting March 23, despite recent attacks on the hub on March 19.
On Wednesday, Iran's Islamic Revolutionary Guard Corps (IRGC) announced in a statement that it had targeted various locations in the region with missiles and drones, including what it described as oil facilities owned by American companies in Yanbu.