03/11/2026 by Daniel Tait
Bloomberg has reported that oil giant Saudi Aramco offered additional shipments to European refineries in October and will continue to do so in November.
Aramco is the world’s biggest oil company and maker of the Valvoline range of industrial lubricant and coolant products. Early last month, it told European customers to not expect shipments due to an attack on its East-West pipeline. The company normally ships up to 800,000 barrels per day (bpd) to Europe, some as part of long-term contracts. This left European refineries having to secure shipments on the spot market.
Aramco’s production has since recovered substantially, and the pipeline has been restored. European customers have been told they can now expect their contracted allocations for November in full. What’s more, the company offered late-October spot shipments at a discount. These were available for collection at Sidi Kerir on the Mediterranean coast of Egypt or Yanbu on the Red Sea coast.
Saudi Arabia’s production was at its lowest for more than 30 years in August. It managed to increase this by about a third in September, taking it to over eight million bpd. Traders also informed Bloomberg that the unexpected Saudi shipments had helped keep prices down for some crude grades. Other producers in the Gulf region are also recovering, with Iraq exporting at almost prewar levels and the UEA producing record volumes.
Aramco is also looking to better shield itself from future regional disruption by exploring alternative means for export and storing crude in overseas facilities, such as in Singapore.
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