Saudi Arabia Cuts Off Crude Oil Supplies to Europe Amid Pipeline Disruption
Saudi Arabia's East-West pipeline has disrupted crude oil supplies to Europe, prompting the kingdom to warn European term customers that they will receive no Saudi crude in October.
At least two European refiners have reportedly been informed that their October allocations would be zero, with the decision understood to apply across European term buyers, reports OilPrice.com.
Saudi Aramco has managed to move some of the stranded crude by redirecting it from its Persian Gulf export terminal at Ras Tanura to Asian markets. However, European refiners face tighter supply options as alternative shipments require passage through the Strait of Hormuz and the Red Sea or longer journeys around Africa.
The disruption adds pressure to European crude markets as refiners seek alternative supplies.