Saudi Aramco reportedly restores full crude oil supply to Europe for November

Investing.com -- Saudi Aramco has reportedly informed European oil refiners that it will supply them with all the crude oil they requested for November after the kingdom's main cross-country pipeline returned to operation following attacks.

At least three European refiners confirmed they will receive full allocations of crude oil from Saudi Arabia's state oil company next month, Bloomberg news reporting citing people familiar with the matter.

The return of supplies will help address a tight market in Europe after the disruption forced refiners to search for alternative sources. Last month, Aramco notified European refiners that they would receive no crude in October after an attack on the East-West pipeline.

The situation prompted a rush to secure replacement cargoes. Orlen SA, the largest buyer of Saudi crude, issued more than ten tenders to purchase alternative barrels.

Saudi Arabia typically exports an average of 700,000 to 800,000 barrels per day of crude to Europe, according to ship tracking data compiled by Bloomberg.

Original Article

You May Also Be Interested In

• Western Digital beats earnings estimates, but AI selloff erases initial gains
• Cantor sees ‘credible path to multi-billion-dollar peak sales’ for Celcuity
• iPhone Duo preorder surge prompts Apple to raise shipment targets, DigiTimes says