After drones attacked the kingdom’s key East West pipeline to the Red Sea. The disruption is triggering panic buying and a scramble for alternative supplies across Europe, which imported about 577,000 barrels per day of Saudi crude in June.
What We Know:
Saudi Arabia to halt crude oil shipments to ALL European buyers next month.
Saudi Aramco’s key East West pipeline was attacked by drones, forcing a shutdown.
The pipeline is expected to partially restart within days, but could take up to six weeks for a full restart.
European refineries are scrambling for alternative oil supplies.
Poland’s Orlen issued more than 10 tenders since Friday to secure replacement crude.
European OECD countries imported 577,000 barrels per day of Saudi crude in June.
The disruption has already triggered panic buying among some Aramco customers.
More Info can be found here: Unfilterednewswire.com