Saudis Halt Oil Supply to Europe
Saudi Arabia has informed European refiners that they will receive no crude oil shipments next month as the shutdown of the East-West pipeline has badly disrupted supplies, Bloomberg noted.
Saudi Arabia has informed European refiners that they will receive no crude oil shipments next month as the shutdown of the East-West pipeline has badly disrupted supplies, Bloomberg noted.
Article outline
- What happened
- The key numbers
- The bottom line
Key points
- Before the pipeline shutdown, European countries were importing around 577, 000 barrels of Saudi crude per day.
- Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
- Add as a preferredSource on Google Follow on Google News Join WhatsApp.
- The development could tighten oil supplies for European refiners and growth pressure on crude costs as the market adjusts to the disruption.
- The disruption comes as Europe faces a severe energy crisis, with the loss of Saudi supplies adding further pressure to the region's already strained crude oil market.
European customers typically receive Saudi crude under term contracts. It are designed to provide a regular monthly supply of oil.
Before the pipeline shutdown, European countries were importing around 577, 000 barrels of Saudi crude per day. Iran War Has Created Oil Impossible to Forecast: JP Morgan.
Meanwhile, the disruption comes as Europe faces a severe energy crisis, with the loss of Saudi supplies adding further pressure to the region's already strained crude oil market.
Notably, the development could tighten oil supplies for European refiners and growth pressure on crude costs as the market adjusts to the disruption. Stay Connected with ProPakistani.
Obtain the latest business news, market insights, and economic updates wherever you prefer. Follow on Google Discover.
In short, saudis Halt Oil Supply to Europe is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.
