(Kremlin): Disruption to "Saudi Pipeline" threatens to cut approximately 4 percent of global oil supplies
Moscow, September 14 (KUNA) -- Kremlin spokesperson Dmitry Peskov said on Monday that the disruption of the Saudi East-West oil pipeline threatens to reduce global oil supplies by about 4 percent, expressing concern over the rapid deterioration of oil markets amid ongoing tensions in the Gulf region. The Russian news agency RIA Novosti quoted Peskov as saying that developments in the Gulf represent the main factor behind the sharp decline in oil markets, highlighting the potential repercussions of energy supply disruptions in the region on 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 indicate that the pipeline was transporting 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 continued shutdown of the pipeline could lead to supply shortages in global markets at a time when oil prices are experiencing sharp increases.
On the energy markets front, Peskov also stated that Russia had imposed a ban on petroleum product exports with the primary objective of meeting domestic market needs and ensuring supply stability.
In a separate development, he affirmed that the rapid progress 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 advance.
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 call directed at Kyiv to halt attacks on civilian economic infrastructure.
The Kremlin’s remarks come as global energy markets face mounting pressure amid disruptions to oil supplies in the Gulf region, while military and political developments related to the conflict in Ukraine continue. (End) D.A.N. / A.M.H.
