SAUDI ARABIA CANCELS OIL SHIPMENTS TO EUROPE
https://x.com/DD_Geopolitics/status/2099891544559948083
BREAKING!! SAUDI ARABIA CANCELS OIL SHIPMENTS TO EUROPE
Saudi Arabia has informed European customers that some late-September crude shipments are being cancelled following the closure of the East-West pipeline.
This is not a minor disruption. The pipeline has been carrying 4–5 million barrels per day (approx 4–5% of global oil supply) and has become a critical alternative route while shipping through the Strait of Hormuz remains severely disrupted.
Europe is particularly vulnerable as the EU imports roughly 97% of its crude oil, with Saudi Arabia accounting for about 6.8% of EU crude imports last year.
The market is already reacting. Brent surged to around $108 per barrel today, and analysts warn a prolonged supply disruption could send oil above $120.
Europe was already dealing with elevated energy costs. Now another major artery supplying its energy market is being squeezed.
posted by Satish Sharma at
04:30
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