Saudi Aramco Offers Full Oil Allocations to European Buyers Amid Disruptions

Saudi Aramco has notified at least three European oil refiners that they will receive full contractual crude volumes in September, easing concerns about supply disruptions in the region.

The news comes as the Strait of Hormuz remains heavily disrupted, limiting flows from the Persian Gulf. This development is particularly welcome for European refiners, who can ill afford another major supply setback after shipments of CPC Blend were sharply curtailed last month following drone attacks in the Black Sea.

Aramco has given its European customers a week's notice about their allocations, which is later than usual due to hostilities in the Red Sea that have disrupted the kingdom's normal logistics. The company has also offered cargoes on a ship-to-ship basis from locations including Sohar in the Gulf of Oman.