Archive · 19 Sep 2026
North Sea Oil Premiums Hit Records as Saudi Sales Shift
An important oil pipeline in Saudi Arabia was damaged in an attack.
Saudi Arabia is trying to send more oil through another route, the Strait of Hormuz.
This means less Saudi oil is immediately available for European buyers.
European refineries are competing to find replacement oil.
Because supplies are scarce, the prices they offer have jumped sharply.
A Norwegian oil grade that recently sold for a small premium was offered for $35 more per barrel than the usual benchmark.
Diesel prices in the region have also risen above $200 per barrel.
Companies such as Poland’s Orlen are searching for new shipments to keep their refineries supplied.
North Sea crude premiums surged to record levels after Saudi Arabia halted next month’s European deliveries under long-term agreements.
Norway’s Johan Sverdrup was offered at premiums of up to $35 per barrel above Dated Brent, compared with 60 cents less than two weeks earlier.
Saudi Aramco is seeking to increase shipments through the Strait of Hormuz after an attack disrupted its East-West pipeline.
European refiners are scrambling for replacement cargoes as diesel prices exceed $200 per barrel and crude availability tightens.
Poland’s Orlen issued more than 10 tenders since September 11 after learning that four September shipments would not arrive.
- Who
- Saudi Aramco, European oil refiners, Norwegian crude sellers, and buyers including Poland’s Orlen.
- What
- North Sea oil premiums reached records as Saudi Arabia suspended next month’s European supplies under long-term agreements.
- When
- The premiums surged on Friday; Orlen has sought alternatives since September 11.
- Where
- Europe’s oil market, involving Saudi Arabia’s East-West pipeline, the Red Sea, and the Strait of Hormuz.
- Why
- An attack disrupted Saudi pipeline flows while broader Hormuz disruptions, increased Chinese buying, and slowing emergency reserve releases tightened supplies.
- Johan Sverdrup premium
- Offered at as much as $35 per barrel above Dated Brent, versus 60 cents less than two weeks earlier.
- Diesel price
- Regional diesel prices rose above $200 per barrel.
- Pipeline capacity
- Saudi Arabia’s East-West pipeline can carry as much as 7 million barrels per day.
- Saudi European deliveries
- Aramco told European customers they would receive no supplies under long-term agreements next month.
- Dated Brent
- The benchmark briefly rose above $130 per barrel, its first move above that level since April.
- Orlen tenders
- The Polish refiner issued more than 10 tenders since September 11 to find alternative supplies.
- Johan Castberg premium
- The Norwegian grade was offered at more than $30 per barrel above Dated Brent.