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North Sea Oil Premiums Hit Records As Saudi Sales Shift

North Sea Oil Premiums Hit Records As Saudi Sales Shift

MT newswire2026/09/18 22:29
06:29 PM EDT, 09/18/2026 (MT Newswires) -- North Sea oil premiums surged to record levels as Saudi Arabia cuts sales to Europe following the shutdown of its East-West pipeline, forcing refiners to seek alternatives amid soaring fuel prices, Bloomberg reported Friday. Norway's Johan Sverdrup crude was offered at a premium of as much as $35 a barrel above Dated Brent this week, up from a 60-cent premium on Sept. 8, traders said, according to the report. Saudi Aramco told European customers Friday they would not receive supplies under long-term agreements next month as the company seeks to increase shipments through the Strait of Hormuz, Bloomberg reported.
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