Business Standard ·
Saudi cancels some oil cargoes after pipeline hit, Poland seeks alternative
Supply disruption supported oil prices, with Brent oil futures trading near $108 a barrel and cargo prices in Europe's physical market even higher, with key benchmark dated Brent at $122 per barrel
Saudi Arabia has cut oil shipments to Europe after drone attacks damaged ??its key export pipeline to the Red Sea, trade sources told Reuters, prompting top customers such as Poland to rush to seek alternatives as cargo prices topped $120 a barrel.
The attacks, which Saudi Arabia has blamed on Iraqi militia, forced the kingdom on Friday to shut its East-West desert oil pipeline, which has spared it from the worst of the impact of the closure of the Strait of Hormuz over the last six months.
