‘4% of global supply at risk’: Saudi warns after Houthi attack shuts oil pipeline

Saudi Arabia’s oil exports face imminent disruption from drone attacks on a key pipeline. The kingdom has only a few days of oil stocks remaining for export. This shutdown threatens to remove a significant portion of global oil supply from markets. The east-west pipeline is crucial for bypassing the Strait of Hormuz for shipments. Saudi oil production has already reached a thirty-year low, exacerbating the situation.