Restoration of the East-West oil pipeline in Saudi Arabia will take up to six weeks

Restoring the functioning of a key energy facility in the Middle East - the East-West oil pipeline - may take a long time. This was reported by Reuters citing a source.

According to the interlocutor, it will take approximately 5-6 weeks to restore the pipeline, which was attacked by Houthi rebels from the Yemeni Ansar Allah movement. That is, you can count on uninterrupted operation of the facility in the second half of October.

Repair work could significantly reduce the flow of oil from Saudi Arabia to the global market, experts say. Against this background, concerns of stock market participants about a possible shortage of raw materials have intensified. Analysts did not rule out that a protracted restoration of the oil pipeline could deprive the global energy market of about 4 percent of supply.

During trading on Monday, September 14, quotes for the benchmark North Sea oil brand Brent immediately grew by more than 3 percent and came close to $108 per barrel.