By: OrePulse

Saudi Aramco is offering European refiners additional crude cargoes for October and November loading, including some late-October spot cargoes priced below the company's official selling price, as the kingdom's export volumes recover.

The additional supply follows an earlier notice to European customers that an attack shut down the East-West pipeline, which has since resumed operation, and that some contracted October cargoes would not be delivered. Aramco has told European refiners they will receive their full contracted November volumes, with the October and November spot cargoes available for loading from the Yanbu and Sidi Kerir export terminals.

Saudi Arabia typically ships about 700,000 to 800,000 barrels per day of crude to Europe. Saudi output rose by roughly a third in September to more than 8 million barrels per day, up from a three-decade low in August, according to people familiar with the matter. The United Arab Emirates reached record output over the same period, and Iraqi exports are nearing prewar levels, according to the International Energy Agency.

With the pipeline running again and supply more plentiful, some European crude prices have started to ease. Aramco has also been pursuing additional overseas storage and export arrangements, including a storage agreement in Singapore due to begin in 2027, as it works to diversify how it delivers crude to customers outside Saudi Arabia.