Saudi Arabia has notified at least two refinery clients in Europe that they will not receive their allocated crude oil quotas in October. This decision is linked to the impact of the war in the Middle East on global energy markets.
European refineries typically purchase crude oil from Saudi Arabia based on long-term contracts designed to guarantee stable monthly supply. However, energy companies have the right to cancel such supplies in the event of extraordinary circumstances known as force majeure.
Earlier this month, Qatar extended the application of force majeure regarding liquefied natural gas supplies until the beginning of November due to the maritime blockade of the Strait of Hormuz.