Saudi Aramco Pipeline Damage Halts European Oil Deliveries Amid Bitcoin Rally

Saudi Aramco informed at least two European refining customers that they will receive no crude oil deliveries in October due to damage from a drone attack on the kingdom's East-West pipeline. The 1,200-kilometer pipeline can transport up to 7 million barrels of oil per day and has been shut since the September 10 attack.

Reuters reported that three pumping stations were damaged, more than initially assessed. Saudi Arabia is seeking to restore about half of the pipeline's capacity within days, although estimates for a full recovery range from several weeks to longer.

European refiners are seeking alternative supplies from the North Sea and other sources. Poland's Orlen has issued over 10 tenders since last Friday for alternative crude feedstock across its three refineries, which rely on Saudi Arabia for around 40% of their crude supply.