Saudi Aramco Restores Full November Crude Oil Allocations to Europe Following Pipeline Restart

Saudi Aramco has informed European refiners that it will restore full crude oil supply allocations for November, reversing October's total delivery halt. The disruption followed drone attacks that shut the East-West pipeline and halted crude loadings at the Yanbu terminal. The pipeline restarted on September 22 and transported 5.8 million barrels by early October. Saudi crude exports rebounded to roughly 6.9 million barrels per day in September from 2.45 million in August, while total Gulf crude and condensate exports reached 16.5 million bpd. The normalization eases tightness in Europe, which typically receives 700,000 to 800,000 bpd of Saudi crude.