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Saudi Aramco tells European customers they won’t receive October crude under long-term contracts after drone attack shuts down key pipeline

Source: Bloomberg

Saudi Arabia’s state oil company, Saudi Aramco, has told European customers that they will receive no oil in October under their long-term contracts because of an attack on a key pipeline running to the Red Sea, sources told Bloomberg.

European buyers normally get Saudi oil under long-term contracts, which provide steady monthly deliveries. The lack of Saudi crude in October will increase European refiners’ need to seek alternative supplies, Bloomberg said.

The East–West pipeline was shut down last week after a drone attack. Saudi Arabia’s Foreign Ministry said the drones had been launched from Iraq.

Aramco expects to restart part of the pipeline within a few days and to bring it back to full capacity within six weeks, a source told Bloomberg.

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