Chris Wright sounded confident about the restart timeline. "I think you'll see that pipeline running back soon," he said on Bloomberg Television on Monday. "They've been very carefully assessing what the damage was and what needs to be done, and I think more clarity on that will come out very soon."
It can transport about 7 million barrels per day and was pushed to full capacity earlier this year when tanker movement in the Strait nearly came to a standstill. The line was taken offline late last week after drone attacks, which is why officials are focused on assessing and repairing any damage before bringing it back. For Saudi oil exports, the pipeline provides a major route that bypasses the Strait of Hormuz, and tanker traffic there came to a near standstill earlier this year.
Events remind us that steady habits protect and help your savings grow. Join Briefs Finance CEO Jaspreet Singh on September 29th for a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, where he shows how we're spotting investment opportunities as the dollar falls. Save your spot.
The immediate takeaway is simple: officials are evaluating the damage, and Wright expects clearer details soon along with a return to service.
Keeping a thoughtful plan keeps you calm and nurtures long term wealth. Our CEO Jaspreet Singh is hosting a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, on September 29th. Sign up free to join him live.
