Europe is bracing for a potential oil supply shock after Saudi Arabia shut its East-West pipeline, also known as Petroline, following drone attacks earlier this month from Iran-backed allied Houthis and Iraq.
The Saudi energy ministry announced a precautionary shutdown on 10 September after drone attacks on the pipeline in the Riyadh and Medina regions the previous day.
The siege knocked out one of the kingdom’s most important alternatives to the blockade of the Strait of Hormuz – the transit ruote for 20% of the world’s oil and gas supplies – since the US and Israel launched military attacks on Iran on 28 February.
The pipeline has recently…
Read the full article at EURONEWS.COM
