Saudi Arabia’s closure of its key East-West pipeline after a recent attack is raising fears that global energy markets — already bearing the brunt of the US-Iran war — could face even starker shortages.
Two regional officials told The Associated Press that repairs could take three to five weeks.
Janiv Shah, vice president of oil markets for Rystad Energy, noted the recent jump in Brent prices proves the market was already responding to “a significant loss of supply”.
Saudi inventories could sustain exports in the coming days, but that could “change quickly”, Shah added.
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