Saudi Aramco halts crude oil supply to European customers
Saudi Aramco told European refiners they will get no crude next month, and Poland’s Orlen SA issued more than 10 tenders for replacement supplies.
- On Friday, Saudi Aramco notified European refiners that crude deliveries are suspended for next month following a drone attack on the East-West pipeline that connects to the Red Sea.
- A drone attack last week shut the East-West pipeline, which typically transports crude to a Red Sea export terminal, disrupting the established supply route for European customers.
- OECD countries in Europe imported 577,000 barrels a day of Saudi crude in June, while Poland's Orlen SA issued more than 10 tenders this week seeking alternative supplies.
- Refiners have engaged in panic buying to cover the shortfall, forcing companies to seek replacement barrels immediately as they respond to the supply disruption.
- The East-West pipeline is due to partially restart within days and return to full capacity within six weeks, according to a person familiar with the matter.
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The European energy market has been rocked by Saudi Aramco's announcement that it will cut off oil supplies for the next month. According to Bloomberg, Saudi Arabia has informed two European refiners that they will not be supplied with crude oil, extending supply disruptions caused by the attack on the East-West pipeline. It is noted that European customers usually receive crude oil shipments from Saudi Arabia under "fixed-term contracts", which…
Saudi Oil Shock for Europe: Aramco to Halt Crude Deliveries After Key Pipeline Attack | 🌎 LatestLY
Saudi Aramco has informed several European refiners that it will suspend crude oil deliveries next month following a drone attack on a major transit pipeline, according to industry sources and media reports on Friday. 🌎 Saudi Oil Shock for Europe: Aramco to Halt Crude Deliveries After Key Pipeline Attack.
Saudi Aramco to halt crude supplies to European customers next month, says report
Saudi Aramco has told at least two oil refining customers in Europe that they will receive no crude next month under long-term supply agreements after the kingdom’s key pipeline to the Red Sea was attacked, Bloomberg reported, citing people familiar with the decision.
According to insiders, Saudi Arabia no longer wants to supply crude oil to European refineries next month. The trigger is therefore a drone attack on an important pipeline. The concern about supply shortages is growing.
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