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Saudi Aramco told at least two oil refining customers in Europe that they will be allocated no crude next month under long-term agreements after the kingdom’s key pipeline to the Red Sea was attacked, people informed of the decision said. European customers normally receive Saudi Arabian crude on so-called term contracts, ensuring a steady flow of supply every month. Those deliveries will not take place next month, the people said, asking not to be identified because the information isn’t public.

The decision applies to all European buyers, they said.Saudi Aramco declined to comment. The absence of Saudi flows next month will heighten the need for European buyers to secure replacements.

On today's episode:
Rob Barnett, Bloomberg Intelligence Senior Energy Analyst
Eric Martin, Bloomberg News State Department & Foreign Policy Reporter
Randi Weingarten, American Federation of Teachers President
Nick Pappas, NFL Director of Field Operations

 

The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: <a href="http://bit.ly/3vTiACF" data-destination="rte:bind">http://bit.ly/3vTiACF</a>
Saudi Aramco told at least two oil refining customers in Europe that they will be allocated no crude next month under long-term agreements after the kingdom&rsquo;s key pipeline to the Red Sea was attacked, people informed of the decision said. European customers normally receive Saudi Arabian crude on so-called term contracts, ensuring a steady flow of supply every month. Those deliveries will not take place next month, the people said, asking not to be identified because the information isn&rsquo;t public.
The decision applies to all European buyers, they said.Saudi Aramco declined to comment. The absence of Saudi flows next month will heighten the need for European buyers to secure replacements.
On today's episode:
<ul>
<li>Rob Barnett, Bloomberg Intelligence Senior Energy Analyst</li>
<li>Eric Martin, Bloomberg News State Department &amp; Foreign Policy Reporter</li>
<li>Randi Weingarten, American Federation of Teachers President</li>
<li>Nick Pappas, NFL Director of Field Operations</li>
</ul>
&nbsp;

Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec cover the changing world of money, power and technology. You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET: http://bit.ly/3vTiACF. 

Listen for reporting from the magazine that helps global leaders stay ahead. Hosts Carol Massar and Tim Stenovec cover the changing world of money, power and technology.&nbsp;You can watch and listen to Businessweek LIVE on YouTube, weekdays from 2PM to 5PM ET:&nbsp;<a href="http://bit.ly/3vTiACF">http://bit.ly/3vTiACF</a>.&nbsp;

Carol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories of global technology, politics, economics and more by harnessing the power of Bloomberg Businessweek reporters and editors.

Bloomberg Businessweek

Saudis Give European Oil Buyers No Supplies for Next Month

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