Commodities
Home›Commodities›Energy›Saudi Arabia exported record Red Sea crude volumes bef…
Saudi Arabia exported record Red Sea crude volumes before Houthi blockade
Record exports hit 5.9 million barrels per day in the week to July 17, easing to 5.5 million in the following week as Houthis warned of a shipment blockade.
Saudi Arabia exported record volumes of crude oil from Red Sea terminals in the days and weeks before Yemen-based Houthis said they would block the kingdom’s shipments, according to tanker tracking compiled by Bloomberg and cited by LiveMint Markets.
The deliveries included cargoes to Jizan, where Saudi Aramco operates a refinery, and to power plants on the Red Sea. In the week up to July 17, shipments averaged 5.9 million barrels a day, before easing to 5.5 million a day in the seven days to July 20.
The outlet says Saudi Arabia’s ability to reroute crude flows from the Persian Gulf to its west coast has helped calm prices during the Iran war, but the planned blockade could disrupt that supply path. Futures were trading near $89 a barrel on Tuesday, with LiveMint noting the potential for additional upside if the cordon is enforced.
LiveMint Markets also reports that Houthis warned ship owners not to call at Saudi ports, while vessels continued to go to Saudi Red Sea ports and at least some Asian buyers kept sending tankers to pick up cargoes. A Saudi-led coalition in Yemen said it has started operational measures to protect ships in the Bab el-Mandeb Strait, a key chokepoint linking the Indian Ocean to the Red Sea.
Latest closeWTI crude $79.00 ▼0.8%