Aramco cancels shipments, oil jumps
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Saudi Aramco canceled several September oil shipments to Europe after an attack damaged the East‑West pipeline, prompting reduced exports and keeping global prices above $100 a barrel.
Reposted by Dan Immergluck
by Eric Jones
Prices and supply are global. And global oil stocks are already gone. It's a calamity. 1/
From #Reuters: Saudi Arabia shuts down its East-West desert oil pipeline after drone attacks, oil goes above $120/barrel.
Some September-loading crude cargoes to Europe will be cancelled and oil loadings at the Red Sea port of Yanbu have been suspended.
www.reuters.com/business/ene...
From #Reuters: Saudi Arabia shuts down its East-West desert oil pipeline after drone attacks, oil goes above $120/barrel.
Some September-loading crude cargoes to Europe will be cancelled and oil loadings at the Red Sea port of Yanbu have been suspended.
www.reuters.com/business/ene...
Reposted by Greg Linden
If they can't get oil out via the Gulf (because Iran has blocked Hormuz) and they can't get oil out via the Red Sea, their economy—and by extension, domestic stability and international power—is in serious trouble.
If they can't get oil out via the Gulf (because Iran has blocked Hormuz) and they can't get oil out via the Red Sea, their economy—and by extension, domestic stability and international power—is in serious trouble.
Reposted by Michael D. McDonald
Reposted by Holger Nehring