Saudi Arabia Suspends Oil Shipments To Europe

The cause was an attack on a key oil pipeline.

Saudi Aramco has informed at least two European oil refineries that they will not receive any oil allocations next month following an attack on a key Saudi Arabian oil pipeline leading to the Red Sea. This was reported by Bloomberg reports, citing its sources.

“European customers typically receive Saudi oil under so-called long-term contracts that ensure stable monthly deliveries. These deliveries will not take place next month,” the publication’s sources noted.

According to them, this decision affects all European buyers.

Last week, Saudi Arabia was forced to shut down its East-West oil pipeline after it was attacked by drones. A source reported that the pipeline is expected to partially resume operations within a few days and return to full capacity within six weeks.

Bloomberg noted that European refineries primarily receive Saudi oil from the Egyptian Mediterranean port of Sidi Kerir, which is connected to the Red Sea by a pipeline.

“The suspension of the pipeline’s operations triggered panic buying by some of Aramco’s customers. The Polish company Orlen SA has announced more than ten tenders since Friday in an effort to secure alternative supplies as quickly as possible,” the publication emphasized.

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