Crude oil should be flowing through Saudi Arabia’s vital East-West pipeline within days, United States Energy Secretary Chris Wright told CNBC on Tuesday, after the kingdom was forced to temporarily close it following attacks by Iran-aligned groups.
“It’s still a detailed assessment, but I think it will be measured in days,” Wright said on the sidelines of a G20 energy meeting in Houston. He said Saudi Arabia is taking steps to move more oil out of the Strait of Hormuz with assistance from the US military.
The 1,200-kilometre East-West Pipeline running across the Arabian Peninsula has served as the main route out for global supplies of Middle Eastern oil for the past six months while the strait between Iran and Oman has been largely shut by the US war on Iran.
The pipeline had been moving 4-5 million barrels per day, amounting to 4% to 5% of global supply, sparing Saudi Arabia the brunt of the disruption that has crippled other Gulf oil and gas exporters.
