Saudi Cuts Europe Off, Burchett Wants a Diesel Export Ban & the Big Inch Plan | BDE 09.22.26

Saudi Aramco's unprecedented simultaneous export-route disruption is cutting European crude allocations to zero, squeezing global refined product markets into October.

• Saudi Aramco cuts Europe off: At least two European term refiners get zero October crude allocation as all three Saudi export routes (Hormuz, East-West pipeline, Red Sea/Bab el-Mandeb) are impaired simultaneously for the first time in history.
• Refining capacity down 7-9%: Hosts estimate wars have knocked out roughly 7-9% of worldwide refining capacity, worsening an already-tight global system and creating a transatlantic price arbitrage.

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