Saudi Aramco suspends deliveries of European refineries due to attack on oil pipeline

Saudi Aramco has notified at least two European refineries that it will not supply them with crude oil in October. This is reported by Bloomberg with reference to sources.

According to the agency, the decision affects all European customers of the company. The reason is called drone attacks on the key Saudi oil pipeline “East – West”, connecting the fields of the Eastern province with the port of Yanbu on the Red Sea. Saudi Aramco has not yet confirmed the information.

According to Bloomberg, the pipeline is planned to be partially launched within a few days, and fully restored within a month and a half. Earlier, a Reuters source estimated the timing of the repairs at 5-6 weeks.

European buyers typically receive Saudi oil on fixed-term contracts that ensure stable monthly deliveries. According to Bloomberg, due to the attack, some customers of Saudi Aramco began “panic purchases”: in particular, the Polish energy concern Orlen held “dozens of tenders” in an attempt to find alternative sources of supply.