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Saudi East-West Pipeline Shutdown Risks 4 Million Bpd for Asia

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Story summary
  • Saudi Arabia’s East-West pipeline shutdown threatens Asian crude supply.
  • Thomas Luedi, Bain & Company head, estimates the shutdown puts about 4 million barrels per day of Asia-bound supply at risk.
  • Brent oil erased wartime gains as Strait of Hormuz flows rose after U.S.–Iran peace talks.
  • Saudi crude accounted for 34.1% of South Korea’s imports in July, KITA reported.
  • Saudi crude made up 27.3% of Japan’s imports, government data show.