Saudi Aramco Offers Europe Discounted Oil Amid Export Recovery
European refiners have been informed of full November contract volumes following the cancellation of October shipments.
Saudi Aramco has offered European refiners additional spot cargoes of oil for October and November; typical supplies to the region amount to 700,000–800,000 barrels per day. Late-October shipments are available at a discount to the company’s official selling price from the ports of Yanbu in the Red Sea or Sidi Kerir on Egypt’s coast.
Previously, Aramco canceled October contract deliveries after an attack halted the East-West pipeline. The pipeline is now operational again, and the additional Saudi volumes have already contributed to a decline in prices for certain oil grades in Europe.
In September, Saudi Arabia increased production by approximately one-third—to over 8 million barrels per day—recovering from its lowest level in more than three decades, recorded in August. Aramco is also seeking additional overseas storage capacity and alternative export routes, including an agreement for storage in Singapore starting in 2027.
