Saudi pipeline outage reportedly takes roughly 2.5 million barrels a day off the oil market
A post citing The Wall Street Journal describes shrinking inventories and depleted emergency buffers. It says Washington is looking to Venezuelan production and expanded U.S. refining capacity to ease the pressure.
TLDR
A post citing The Wall Street Journal describes a global fuel shock amid shrinking inventories and depleted emergency buffers. The post says attacks knocked Saudi Arabia’s East-West Pipeline offline, removing roughly 2.5 million barrels of oil per day from an already strained market. It says Washington considers the disruption temporary and is looking to Venezuelan production and expanded U.S. refining capacity for relief, while oil executives warn that remaining buffers have largely been exhausted.
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