Saudi Oil Pipeline Shut Down After Drone Attack, Europe Faces Supply Crunch

Saudi Arabia has halted its crude oil supplies to European customers next month after a drone attack on one of its key pipelines. The East-West pipeline, which carries around 40-50 lakh barrels of crude oil per day, was shut down following the attack.

The decision will apply to all European buyers, according to Saudi Aramco's latest update. At least two European refining companies have been informed about the halt in supplies, with some already beginning to source alternative oil from other countries.

Poland's oil company Orlen has issued over 10 tenders to secure alternative supplies after the pipeline was shut down. The suspension of Saudi supplies next month will force European refineries to buy oil from other sources, which may lead to increased prices and disruptions in the global market.