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European Oil Refiners Request Less Saudi Crude amid Price Hike


Two major European oil refineries are requesting less crude from Aramco after it hiked its November OSPs to Europe, according to Bloomberg.

  • At least one other refiner requested the full contract volume for November, with all three refineries allocated their requested amounts, Bloomberg said.
  • Last month, Aramco raised its OSPs to Europe for November, with Arab light at a $7.20/b premium over ICE Brent, a 21 year high.
  • The hikes follow Saudi Arabia’s voluntary cuts and a tightening in the global market. Prices of medium grades from the North Sea have also jumped.
  • Europe is a more minor customer of Aramco, with most volumes heading to Asia. European IEA members imported 0.66m b/d of Saudi Arab Light or Extra Light in June.

Source: Bloomberg

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