Saudi Arabia has achieved a huge boost in crude exports through its Red Sea terminals, but has yet to stabilise flows at its target level for the route.
Shipments of crude to overseas destinations from Yanbu have averaged about 4 million barrels a day in the first three weeks of April, data compiled by Bloomberg show. That’s about five times as much as Saudi Arabia exported on the route before the conflict in Iran started, but still only about 80% of Riyadh’s target.
Oil markets are closely watching flows of oil from the terminals on Saudi Arabia’s west coast after Iran all but blocked the Strait of Hormuz following attacks by the US and Israel at the end of February. Yanbu represents the industry’s single-biggest workaround for the blockage of the waterway. – bloomberg
