Saudi Oil Crisis Is About to Hit Europe
Saudi Arabia’s oil supply crisis is rapidly becoming Europe’s problem. The September 10 attacks on Saudi Arabia’s East-West Pipeline struck the system at multiple locations and damaged at least one pumping station, forcing Riyadh to shut down the Kingdom’s critical alternative to the Strait of Hormu
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz has been effectively closed since February, cutting 5.7 million barrels per day from global supply — yet Brent sits at $105, not $150. Either European demand has collapsed harder than reported, or strategic reserves are being drained at a pace governments aren't disclosing.