Satellite images reveal damage to Saudi Arabian oil pipeline
Following drone attacks, Saudi Arabia's main oil pipeline has been damaged, while the risk of export stockpiles depleting raises concerns in global markets.
The disabling of Saudi Arabia's strategically important main oil pipeline due to UAV attacks threatens 4% of global oil supplies. Satellite photos revealed the damage suffered by the facility, while rising supply concerns caused Brent crude prices to rise.
Satellite Photos Proved the Damage
Satellite photos released on Sunday night showed that a pumping station on the critical 1,200-kilometer Saudi East-West pipeline was heavily damaged and burned following Friday's UAV attacks.
Export Stocks May Run Out in Days
Saudi oil buyers and traders stated that if the pipeline leading to the Yanbu port on the Red Sea is not repaired and reopened, the country's oil stocks for export will run out within a few days.
Global Oil Prices on the Rise
The decrease in supply flow in Saudi Arabia, the world's largest oil exporter, pushed global fuel prices to record levels, with the international benchmark Brent crude price rising more than 3.4% to $108 a barrel.
Regional Tensions and Houthi Attacks
While the Iran-backed Houthis in Yemen attacked targets in Saudi Arabia, they captured Perim island in the Bab el-Mandeb strait, and the conflict entered its seventh month.
Repair Time and Diplomatic Impasse
While Saudi Arabia stated that the attack was caused by drones launched by militias in Iraq, it is stated that the repair process could take up to six weeks or partial pumping could begin in a shorter time.