Saudi Aramco Resumes Europe Crude Shipments Following East-West Pipeline Restart

Saudi Aramco is offering discounted spot crude cargoes to European refiners for October and November loading following the restart of its East-West pipeline. The company also confirmed that full term contract allocations will resume in November, easing regional physical crude differentials. The pipeline shutdown, caused by an attack that disrupted operations from the Red Sea port of Yanbu, had previously forced Aramco to cancel October deliveries. The resumption coincides with Saudi crude production climbing by approximately one-third in September to exceed 8 million barrels per day, recovering toward its typical European supply rate of 700,000 to 800,000 barrels per day.