October 28, 2026
The Saudi Arabian Oil Company “Aramco” has offered shipments of crude oil for sale in the spot market to European buyers for the months of October and November, in a move aimed at compensating for supplies that were affected as a result of the closure of a major pipeline designated for export, according to a source familiar with the matter who preferred to remain anonymous due to the sensitivity of the information.
The source explained that the company had offered shipments earlier this month for loading in late October at prices lower than the official selling price determined by Aramco, to be loaded from the port of Sidi Kerir on the Mediterranean Sea or the port of Yanbu on the Red Sea coast, before announcing last week the provision of additional quantities for delivery during November. The company did not immediately respond to a request for comment.
This move comes after Aramco previously informed European refineries of its inability to deliver shipments scheduled for October under long-term contracts, following an attack that targeted the main pipeline transporting oil from the east to the west of the Kingdom, which led to the disruption of exports through the port of Yanbu. However, the line’s subsequent resumption of operations allowed the company to increase its exports and alleviate the supply shortage in European markets. In the same context, the company informed European refineries this month of its commitment to deliver the full quantities agreed upon for the month of November within long-term contracts, while traders confirmed that the increase in Saudi supplies contributed to the decline in the prices of some oil crudes in Europe during the current week.
Usual Saudi exports to Europe range between 700,000 and 800,000 barrels per day, according to ship tracking data issued by Bloomberg. Although the largest share is supplied through long-term agreements, the previous uncertainty prompted European refineries to enhance their purchases from the spot market to secure their needs.
More broadly, Middle Eastern oil exports have risen to near pre-war levels, despite continued attacks on infrastructure and oil tankers near the Strait of Hormuz. According to data from the International Energy Agency, Saudi Arabia increased its production by about a third last September to exceed 8 million barrels per day after recording the lowest level in three decades in August, coinciding with the UAE recording record production and Iraqi exports approaching pre-conflict levels.
