East-West pipeline prevented oil prices from exceeding $200, expert says
Oil supply security is now a top priority for markets, says Dr. Yousef Alshammari, head of the London College of Energy Economics.
Key Takeaways
AIDr. Yousef Alshammari, head of the London College of Energy Economics, said that supply security has become one of the most important factors currently shaping oil markets.
Speaking to Al Ekhbariya TV, Alshammari added that supply security is the main concern for markets now, and without the East-West Pipeline, oil prices could have surpassed $200 per barrel.
He continued that the current diesel crisis has impacted inflation levels in both the United States and Europe, noting that market conditions for oil products—including fuel, diesel, and other petroleum products—have been affected.
Oil flows through the East-West Pipeline have returned to 5.8 million barrels per day after its restart, underscoring the importance of alternative infrastructure that has enabled the Kingdom to mitigate the impact of disruptions to tanker movements through the Strait of Hormuz.
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