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Saudi Pivots Oil Routes After Pipeline Attack
Saudi Arabia is ramping up prompt sales of crude from outside the Strait of Hormuz following the shutdown of the kingdom’s East-West pipeline, which halted cross-country flows to its Red Sea coast. The sale helped attribute to a fall in oil prices as physical markets cooled from recent peaks as traders bet some Middle East supply outages would be short-lived. Noam Raydan, William Sudhaus Senior Fellow at the Washington Institute, joins Bloomberg Businessweek to discuss why the Saudi pipeline is…
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