A pipeline outage in Saudi Arabia threatens the loss of 4 percent of global oil supply. This was reported by Qazaqyia.kz citing Reuters.
According to Reuters, the pipeline network failure puts a significant portion of global oil supplies at risk. The report does not provide details on which specific pipeline failed or what caused the outage.
The situation could affect global oil prices, as Saudi Arabia is one of the world's largest oil exporters. A loss of 4 percent is considered a significant volume capable of impacting the global supply balance.
Reuters reported this citing official statements, though additional details have not yet been published.