Foto Hamad I Mohammed/Reuters
The attack took place on 10 September. The Saudi authorities stated that the drones were launched from Iraqi territory, according to TRTrussian. Baghdad confirmed that the attack had been launched from its territory and has launched an investigation into the incident.
The damaged ‘East–West’ oil pipeline, or Petroline, runs for approximately 1,200 km from the Abqaiq region in eastern Saudi Arabia to Yanbu on the Red Sea coast. Its maximum capacity is around 7 million barrels per day. However, the actual volume of oil transported prior to the attack was estimated at around 4–5 million barrels per day.
Petroline is used to deliver oil to refineries and export terminals on the west coast. The route is of strategic importance to Saudi Arabia, as it allows crude to be transported without having to use the maritime route through the Strait of Hormuz.
Repairs to the damaged infrastructure could take several weeks. Regional officials estimate that restoring the pipeline and the pumping station could take between three and five weeks. However, certain sections of the system may continue to operate whilst repairs are underway, although the exact volume of oil being pumped remains unknown.
Saudi Arabia is also seeking alternative routes for oil exports, including possible shipments via Oman.
The disruption is already having an impact on the European physical market. On 15 September, prices for certain oil batches in Europe exceeded $130 per barrel, whilst the North Sea Forties grade rose to $136.75. This has heightened fears of a further rise in oil prices against the backdrop of disruptions to Saudi supplies.
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