Saudi Oil Shipments Canceled Amid Middle East Conflict

Saudi Arabia has informed at least two European oil refining customers that they will not receive crude oil allocations in October due to extraordinary circumstances.

The term contracts between Saudi Arabian suppliers and European refineries allow for cancellation under 'force majeure', a clause invoked by energy companies in exceptional situations.

This move comes as the war in the Middle East continues to impact global energy markets, with Qatar earlier this month extending its force majeure on liquefied natural gas shipments to early November due to the maritime blockade of the Strait of Hormuz.