Pipeline crisis ‘could halve flow of oil’

The price of crude oil could hit $300 (

He said that if drastic remedial work was required to fix or rebuild pipelines across the world, the flow of crude oil could halve, sending prices soaring.

Mr Simmons, who shot to prominence by arguing that the world’s biggest producer, Saudi Arabia, was running out of oil, said: “The industry cut too many corners when prices were low. For 25 years, there was not a proper maintenance programme. We backed ourselves into a system – rigs, pipelines and refineries – that rusted away.”

Telegraph