Saudi Aramco Halts 100% of Europe Term Crude Supplies for Next Month After Pipeline Attack
Updated
Updated · Bloomberg · Sep 19
Saudi Aramco Halts 100% of Europe Term Crude Supplies for Next Month After Pipeline Attack
3 articles · Updated · Bloomberg · Sep 19
Summary
At least two European refiners were told they will receive no Saudi crude next month under long-term contracts, with the cutoff applying to all European buyers, people familiar with the decision said.
The halt follows an attack on Saudi Arabia’s key pipeline to the Red Sea, disrupting a route that underpins the kingdom’s regular export flows to Europe.
Those term contracts normally guarantee steady monthly deliveries, so the suspension removes a dependable supply source for European refiners rather than just spot cargoes.
The move adds to oil-market strain from the Saudi-Iran war, raising the risk of tighter fuel supplies and higher costs for European buyers in the coming month.