Saudi Arabia’s Hormuz Oil Bypass Is Yet to Maintain Full Exports
Oil tankers moored at Saudi Arabia’s Yanbu crude berths on April 8.
Source: Copernicus Sentinel
Saudi Arabia has achieved a huge boost in crude exports through its Red Sea terminals, but has yet to stabilize 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.