Saudi Arabia Cuts Off Europe's Oil as Prices Smash Record Highs With Chris Martenson (Video)
In this 19 September 2026 published video, host Mario Newfal talks with Chris Martenson about how Saudi Aramco has canceled its long-term European crude oil allocations, scraping shipments until at least November 2026. This effective force majeure has driven North Sea physical oil premiums to all-time record highs, leaving European refiners scrambling for alternative supplies.
The cutoff is a direct physical consequence of the ongoing US-Iran conflict and war in the region, which has nearly shut down the vital Strait of Hormuz choke point.
In response to the Hormuz shutdown, Saudi Arabia had been bypassing the strait by redirecting up to 4 million barrels a day through its East-West pipeline to Red Sea terminals. However, drone strikes launched from Iraq severely damaged pumping stations along this route. With the pipeline shut down for repairs (which could take 3 to 5 weeks), Saudi Arabia’s export-ready crude stored at the Red Sea port of Yanbu rapidly depleted to just a few days of theoretical supply. To keep global markets supplied, Saudi Arabia has had to pivot back toward the Persian Gulf using complex ship-to-ship transfers, leaving it unable to fulfill its direct commitments to Europe.
Unlike paper futures trading, physical oil premiums (like Norway’s Johan Sverdrup crude) skyrocketed overnight from a $0.60 premium to a staggering $35 a barrel premium over Dated Brent benchmarks because European refiners are desperately seeking close-by alternatives. Economists warn that Western consumers will feel the effects almost immediately. Pump prices in parts of Europe have already jumped nearly 20% in a single week, putting massive strain on manufacturing and agricultural sectors. As highlighted in the segment, oil executives note that the global economy has run out of financial “games” or strategic reserves to buffer against a true physical loss of supply, threatening a profound global inflationary shock.
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