Saudi Pivots Oil Routes After Pipeline Attack
Saudi Arabia is ramping up prompt sales of crude from outside the Strait of Hormuz following the shutdown of the kingdom’s East-West pipeline, which halted cross-country flows to its Red Sea coast.
The sale helped attribute to a fall in oil prices as physical markets cooled from recent peaks as traders bet some Middle East supply outages would be short-lived.
Noam Raydan, William Sudhaus Senior Fellow at the Washington Institute, joins Bloomberg Businessweek to discuss why the Saudi pipeline is so crucial and what the attack on the pipeline could mean for the broader Saudi oil industry.
(Source: Bloomberg)
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Primary source: Bloomberg Markets
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C 33%