Saudi Arabia cancels oil shipments to European refineries

Saudi Arabia has informed at least two oil refining customers in Europe that they will not receive crude oil allocations in October, as the war in the Middle East hits global energy markets. European refineries buy Saudi Arabian crude under term contracts meant to ensure a standard monthly supply, but energy companies can cancel those shipments under extraordinary circumstances, known as force majeure. Earlier this month, Qatar extended its force majeure for liquefied natural gas shipments to early November because of the maritime blockade of the Strait of Hormuz.