Oil Jumps as Shutdown of Saudi Pipeline Deepens Energy Crisis - Bloomberg.com
Oil Jumps as Shutdown of Saudi Pipeline Deepens Energy Crisis - Bloomberg.com
Source: Bloomberg.com
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DW NOTE
Saudi Arabia is now losing pipeline capacity while the Strait of Hormuz sits effectively closed — 6 ships transited last week versus the normal 85 per day. The IEA expects global supply to contract 5.7 million barrels per day this year. When a producer can't move crude by sea and its land routes start failing, price becomes academic; the question is whether the oil reaches market at all.