Aramco to Withhold Oil from Europe Next Month

Bloomberg reported that Saudi Aramco informed two of its European refining clients that it will not be receiving any oil shipments next month. This follows an attack on the kingdom’s main pipeline connecting it to the Red Sea. The move comes amid the damage caused to three pumping stations along the pipeline in last week’s attack and expectations of a tight oil supply in Asia, as Saudi Arabia awaits guidance regarding upcoming shipments. Reports also indicated that Saudi Arabia canceled some scheduled oil shipments to stop the deterioration of supplies and to mitigate potential impacts on the global oil market.

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