'Kremlin': Disruption of Saudi 'East-West' Pipeline Threatens 4% Cut in Global Oil Supplies
The Kremlin spokesperson warned of the impact of the disruption to the Saudi oil pipeline on global markets, reaffirmed the progress of the Russian military advance, and welcomed the role of China and India in resolving the Ukraine issue.
Translated by Qiyas from الجريدة — Original source
Russian Presidential (Kremlin) spokesperson Dmitry Peskov said on Monday that the disruption of Saudi Arabia’s East-West oil pipeline threatens to reduce global oil supplies by about 4 percent, expressing concern over the rapid deterioration in oil markets amid ongoing tensions in the Gulf region.
The Russian news agency RIA Novosti quoted Peskov as saying that developments in the Gulf region are the main factor behind the sharp downturn in oil markets, pointing to the potential repercussions of energy supply disruptions in the area for global markets.
This comes as operations on the Saudi East-West pipeline, which transports oil from production areas in the eastern part of the kingdom to the port of Yanbu on the Red Sea, were halted following drone attacks. Estimates suggest the pipeline was carrying around 4 million barrels per day, equivalent to approximately 4 percent of global supplies.
According to media reports, Saudi oil buyers and traders have warned that a prolonged shutdown of the pipeline could lead to supply shortages in global markets at a time when oil prices are experiencing sharp increases.
On energy markets, Peskov also stated that Russia had imposed a ban on petroleum product exports with the primary aim of meeting domestic market needs and ensuring supply stability.
In another matter, he affirmed that the rapid advance of the Russian armed forces in the area of the special military operation would continue, stressing that no one should doubt the continuation of this progress.
Regarding efforts to reach a settlement of the conflict in Ukraine, Peskov said that Russian President Vladimir Putin welcomed the willingness of Chinese President Xi Jinping and Indian Prime Minister Narendra Modi to contribute to the settlement process.
He noted that any country could contribute to reaching a settlement by exerting its influence on Kyiv and encouraging it to show greater flexibility, adding that Moscow welcomed any appeal directed at Kyiv to halt attacks on civilian economic infrastructure.
