Saudi oil pipeline to remain offline for weeks after attack

Investing.com -- A major Saudi Arabian oil pipeline hit in an attack last week will be largely out of service for several weeks while repairs are completed, according to a report Monday from the Associated Press, citing two regional officials.

The East-West Pipeline, which spans 1,200 kilometers across Saudi Arabia, has the capacity to transport up to 7 million barrels of oil daily. The pipeline serves as a key route for Saudi oil exports to the Red Sea, providing an alternative to shipments through the Strait of Hormuz in the Persian Gulf.

Saudi Arabia attributed Thursday’s attack to drones operated by Iranian-backed militias in Iraq, which forced the pipeline’s shutdown.

The two officials, who received briefings on the situation, told AP the repairs could take three to five weeks. The work includes fixing damage to a major pumping facility. One official noted the pipeline might operate at partial capacity during the repair period.

Both officials requested anonymity as they were not authorized to speak with media.

Brent crude futures rose over 4.5% to $109.30 Monday. Crude rose 4.4% to $104.45.

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