Breaking: Saudi Arabia Has Informed Its European Customers That Late-September Crude Oil Cargoes Will Be Cancelled, Due To The East-West Pipeline Being Shut After Last Week's Attacks And Yemen's Houthis Taking Over The Entire Red Sea Coast, Per Three Sources To Reuters.

Yanbu had five to seven days of crude stocks left for export when the East-West line went down, per industry sources on Saturday, and cancelling late-September cargoes means Riyadh does not expect the line back before they run out. Europe has been taking Saudi crude through Yanbu because Hormuz has been closed since spring. On top of the pipeline, the Houthis appear to have struck the YASREF refinery at that same port this morning.

🔗SOURCE ➡️ The Hormuz Letter

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