00:01Saudi Arabia is relying on stored oil to maintain exports after drone attacks shut its east-west
00:08pipeline, threatening deliveries to buyers in Europe and Asia. Saudi Arabia's energy ministry
00:14announced the shutdown on Friday as a precaution after the pipeline was attacked last Thursday.
00:21Saudi oil buyers and traders quoted in reports published on Sunday estimated that a prolonged
00:28shutdown could put at risk around 4% of global oil supply. They estimated that oil stored at the Red
00:35Sea port of Yanbu could keep exports going for five to seven days. Saudi authorities have not
00:41confirmed either estimate. Brent crude climbed above $108 a barrel on Monday following further attacks
00:49on energy facilities and shipping in the Middle East. The roughly 1,200 km pipeline carries oil
00:56from eastern Saudi Arabia to Yanbu on the west coast. It allows exports to leave through the Red
01:03Sea without tankers passing through the Strait of Hormuz. The shutdown does not mean global oil
01:08supplies immediately fall by 7 million barrels a day. Tankers can still load oil stored near export
01:15terminals but those supplies will run down unless more oil arrives.
