Market brief · Economy & rates

Saudi Arabia Cuts Europe Off From October Crude as Gulf Exports Surge

Saudi Aramco has told European term customers they will receive no Saudi crude in October, even as the kingdom pushes roughly 60 million barrels back through the Persian Gulf after damage to its East-West pipeline. At least two European refiners were told their October allocations are zero, Bloomberg reported Friday. People familiar with the decision said it applies to all European term buyers. While Saudi Aramco seems to have found a way to move some of the crude that was stranded by the East-West pipeline, Europe is on the wrong side of the workaround.…