versetscryptos

For several weeks now, geopolitical tensions in the Middle East have brought back into focus an energy work constructed nearly half a century ago by Saudi Aramco: the East-West pipeline connecting the oil fields in eastern Saudi Arabia to the port of Yanbu on the Red Sea.
Indeed, this pipeline, known as Petroline, was designed with a very specific strategic objective, that of allowing Saudi Arabia to export its oil without being totally dependent on an extremely sensitive maritime passage known as the Strait of Hormuz. Almost one-fifth of the oil consumed in the world passes through this narrow maritime corridor. Any threat, any military tension, or any navigation restriction in this area immediately provokes a reaction from energy markets.