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Can Saudi Arabia Save Oil Markets?

Politics, Geopolitics & Conflict

- The Saudis are claiming that they can keep crude oil flowing normally by redirecting it through the Red Sea. What the Saudis are talking about here is Aramco’s 5MMbpd pipeline that carries crude across the country, to either the Gulf or the Red Sea. So there are options for diverting one way or the other, but not fully. This capacity leaves 2 MMbdp unaccounted for. Nor is the pipeline safe these days: It was targeted by the Houthis recently and temporarily halted flow. Once it gets to the Red Sea, there are other risks. In the Red Sea, Saudi crude goes through the Bab al-Mandeb shipping lane. In July last year, shipments through this lane were halted as well due to Houthi attacks on oil tankers.

- Militants bombed the Cano Limon pipeline in Colombia for the 19th time this year, which resulted in an oil leak.

- Venezuela’s embattled President Maduro claimed that the country’s security forces had stopped an assassination attempt that aimed to replace him with a former defense minister, whom he has accused of being a “slave” to the US and working with opposition figures to kill not only Maduro, but his wife and other officials. Maduro’s spokesman also claims that a plot was foiled for an invasion by a coalition of Israeli, American and Colombian agents to seize military bases and raid the central bank. The claims followed the publication by the Washington Post of an interview with Maduro’s…



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