Saudi Arabia to reduce oil exports via Gulf by expanding pipeline

Saudi energy minister Khalid al-Falih. Picture: REUTERS/ANUSHREE FADNAVIS

Falih said the international community should take swift action to protect oil supplies and secure the Strait, through which about a fifth of the world’s oil passes. Oil importers “have to do what they have to do to protect their own energy shipments because Saudi Arabia cannot take that on its own”, he said in an interview during a visit to India.

Saudi Arabia already exports some of its oil through the Red Sea using a 1,200km pipeline that runs from the east of the kingdom, where much of its oil production is based, to the Red Sea port city of Yanbu in the west. Saudi Arabia aimed to maximise exports through the 5-million barrels per day East-West pipeline if required, he said.

In his talks in India, Falih said Saudi Arabia was prepared to supply additional oil to India. He also said state-run Saudi Aramco’s talks about buying a minority stake in the refining assets of India’s Reliance Industries had not stalled, after sources told Reuters this week they had hit a roadblock.

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