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Record Saudi Oil Flows via Red Sea Amid Hormuz Shutdown
11 Mar
Summary
- Saudi oil shipments via the Red Sea aim for record highs in March.
- Yanbu port loadings are up significantly from February levels.
- Pipelines can move up to 7 million bpd to the Red Sea for export.
Saudi Arabia's oil shipments via the Red Sea are projected to reach record levels in March, though still below the volume previously flowing through the Strait of Hormuz. The port of Yanbu has seen increased loadings, averaging 2.2 million barrels per day (bpd) in the first nine days of March, a notable rise from February's figures.
Aramco has indicated that its pipeline infrastructure can transport up to 7 million bpd to the Red Sea, with 5 million bpd available for export and the remainder for domestic refineries. This strategic shift aims to bolster exports and mitigate the impact of reduced flows from the Strait of Hormuz. Despite security risks associated with the Red Sea route, such as potential Houthi threats, no attacks have been reported recently.
