Saudi Arabia risks losing up to 4% of global oil supply unless it restarts its major east-west pipeline to the Red Sea within days, threatening a key export route that has helped the kingdom bypass the wartime shutdown of the Strait of Hormuz, Reuters reported on Sunday.
Drone attacks forced Riyadh to shut the pipeline on Friday, cutting a route that had been carrying around 4 million barrels per day to the Red Sea port of Yanbu.
Yanbu has enough oil stocks to maintain exports for only five to seven days, three industry sources told Reuters, while smaller volumes are also stored at Egyptian ports.
Estimates for repairs varied, with one source saying the damage could take five to six weeks to fix, while another said partial pumping could resume sooner.
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