Bloomberg learned about the resumption of oil supplies from Saudi Arabia to the EU
After the supply disruptions in October, European refineries will be able to receive the requested volumes of Saudi oil. The resumption of the key pipeline should ease tensions in the market, the newspaper writes
Saudi Aramco has notified European refineries that it will deliver all requested oil to them in November after the East-West pipeline damaged by the attacks is reopened. This is reported by Bloomberg with reference to informed sources.
At least three European refiners have received confirmation that they will receive oil in full next month. The recovery of supply could ease the shortage of oil in the European market, the Agency said.
According to Bloomberg, Saudi Arabia typically exports 700,000 to 800,000 barrels of oil per day to Europe.
In September, Saudi Aramco warned European refineries that it would not supply them with oil in October. The reason was the shutdown of the East-West pipeline after drone attacks on September 11.
The 1,200-kilometer pipeline connects the eastern part of Saudi Arabia with the Red Sea port of Yanbu and allows oil exports to bypass the Strait of Hormuz. After restricting navigation through the strait, the kingdom increased pumping along this route to 4.9 million barrels per day.
As Reuters previously wrote, the reduction in Saudi supplies forced European buyers to look for oil in other regions, and the cost of individual batches exceeded $120 per barrel.
