Saudi Aramco has told at least two European refiners they will receive no crude oil in October after drone attacks disrupted Saudi Arabia’s East-West pipeline and Red Sea exports, Bloomberg reported.
Saudi Aramco is considering selling specialty chemicals company Arlanxeo as the Saudi energy company seeks to raise funds through an asset divestment plan worth as much as $35 billion, according to Bloomberg.
Iran plans to present Gulf nations with an agreement reached with Oman on a temporary shipping lane through the Strait of Hormuz on Monday, as Tehran and regional states seek to ease shipping disruptions, Bloomberg reports.
Saudi Arabia has temporarily shut its East-West oil pipeline after a drone attack, cutting a key route the kingdom has used to bypass shipping disruptions through the Strait of Hormuz, according to Reuters.
Saudi Arabia’s crude oil supply fell by 2.3 million barrels per day (mmbbl/d) to 6 mmbbl/d in August, its lowest level in more than three decades, as attacks disrupted energy facilities and regional shipping routes, the International Energy Agency (IEA) reported to Reuters.
The International Energy Agency (IEA) expects global oil supply to fall by 5.7 million barrels per day (mmbbl/d) in 2026 as continued Middle East disruptions delay the return of normal Gulf oil flows into 2027, according to Reuters.
OPEC+ kept its oil production policy unchanged for October as disruptions from the Iran war continue to restrict crude exports through the Strait of Hormuz and limit the group’s ability to influence physical supply.
ADNOC has restored its 922,000 bbl/d Ruwais refinery to full capacity after the facility was halted during the regional war, according to Bloomberg.
TotalEnergies is moving discounted Middle Eastern crude through the Strait of Hormuz at a profit, even as higher shipping costs and security risks continue to restrict traffic through the waterway, CEO Patrick Pouyanne said at a Norwegian energy conference on Monday, Reuters reported.
ADNOC Gas is considering building an LNG export facility on the UAE’s east coast as the country seeks to reduce its reliance on the Strait of Hormuz following disruptions caused by the Iran war, Bloomberg reports.
