Aramco informs European refineries of November oil supply volumes

Saudi Aramco informed European refineries that it will supply the full contracted volumes of crude oil for November, after the main pipeline crossing the kingdom resumed operations following the attacks, providing relief to customers who had been forced to seek alternative supplies.

At least three European refining companies said they would receive their full crude allocations from the state-owned Saudi oil company next month, according to people familiar with the matter who requested anonymity because the information is not public.

Saudi Aramco did not immediately respond to a request for comment.

The restoration of supplies is expected to ease pressure on the European market, which has been suffering from tight supply, after the pipeline disruption prompted refineries to rush to secure alternative sources. Aramco had informed European refineries last month that it would not allocate crude volumes to them in October, following an attack on the East-West pipeline, Bloomberg reported at the time.

Saudi Arabia typically exports an average of between 700,000 and 800,000 barrels per day of crude to Europe, according to ship-tracking data compiled by Bloomberg.