【Breaking: Saudi Arabia Informs European Customers of Canceled Crude Shipments in Late September】Saudi Arabia has notified its European customers that some crude oil shipments scheduled for late September have been canceled due to the bombing and subsequent closure of the East-West Pipeline.

This is not a minor disruption—shipments expected in October are also likely to be canceled. This implies that repairing the "East-West Pipeline" will take more than one month, possibly even longer.

The pipeline transports 4 to 5 million barrels of crude oil per day, accounting for about 4% to 5% of global oil supply, and has become a critical alternative route during severe disruptions in shipping through the Strait of Hormuz.

The closure of the Saudi pipeline is not just a Middle Eastern issue—it's also a major problem for Europe.

For Saudis, being unable to export oil means financial loss; for Europe, it's an even bigger crisis.

Approximately 97% of the crude oil imported by the EU comes from external sources, and Saudi Arabia accounted for about 6.8% of the EU’s crude imports last year. Europe is already grappling with soaring energy costs.

The market has begun reacting: countries have been drawing down reserves to suppress prices, but these reserves are nearly depleted.

Brent crude oil surged today to around $108 per barrel, and if the supply disruption persists, prices could rise above $120.

Gulf oil exports have now dropped to about 13 million barrels per day—nearly half of pre-war levels.

Due to the supply disruption, diesel prices in Europe have risen sharply. In an industrialized agricultural society, food prices are directly tied to diesel costs.

War may be far away, but it affects everyone’s wallet.

For Europe, the Nord Stream pipeline—Russia’s oil and gas—would undoubtedly be a vital lifeline, far better than economic self-destruction. Yet, seemingly, women like von der Leyen and Karas appear indifferent to Europe’s looming crisis.

To make matters worse, the United States—the world’s largest diesel exporter—has seen Senate Majority Leader John Thune state he is “willing to consider” imposing an export ban on diesel.

Europe’s winter is not far off—winter heating season is just around the corner.

This summer, air conditioners sold out across Europe; come winter, it’ll be time for wool coats.

Original source: toutiao.com/article/1876430781131776/

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