US EditionMiddle East Oil Exports Drop at Least 60% as Hormuz Stays Mostly Closed, Data Shows
Saudi Aramco has more than doubled daily crude loadings at Yanbu port via its east-west pipeline to bypass the closed Strait of Hormuz, transporting up to 7 million barrels daily.
- To bypass the Strait of Hormuz, Saudi Aramco is rerouting millions of barrels of crude through a pipeline to Yanbu in the Red Sea, with a 7 million barrels per day capacity.
- The vital Strait of Hormuz is effectively closed to tankers due to attacks on commercial ships in the Middle East this month, forcing exporters to shut production at oilfields.
- Data from Kpler showed exports from eight Middle Eastern countries averaged 9.71 million barrels per day last week, down 61% from February. Total output cuts now stand at 7-10 million bpd.
- Analysts warn that violence could block diverted oil flows, raising Brent crude prices to between $130 and $150 a barrel, as Iran called US naval facilities 'potential targets' on Monday.
- Even before the current war, David Oxley of Capital Economics noted the Red Sea was "not exactly a bastion of geopolitical stability," and shipping companies continue to avoid the route due to security risks.
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23 Articles
The other trade chokepoint at risk from the Iran war
Attacks on commercial ships in the Middle East this month have all but closed the vital Strait of Hormuz to oil tankers. One of the few alternative routes for oil exports from the region goes through the Red Sea. But now even that lifeline is in danger.
MENA oil exports slashed by 60% amid Strait of Hormuz crisis
Daily oil exports from Arab Gulf countries have reduced by at least 60 percent over the past week compared to February, amid the fallout of the US-Israeli war on Iran and attacks on shipping in the Strait of Hormuz. Leading exporters have been forced to cancel shipments, while production at oil fields has come to a halt, amid mounting security concerns in the Strait, where Iran has launched multiple attacks on merchant ships, effectively forcing…
Dnevni list Danas
n1info.rsDaily oil exports from the Persian Gulf fell by more than 60 percent last week, compared to the same period in February, according to data seen today by the British agency Reuters (Reuters).
Mideast Oil Exports Drop at Least 60% as Hormuz Stays Mostly Closed
Daily oil exports from the Middle Eastern Gulf, home to top exporter Saudi Arabia and other major producers, have dropped by at least 60% last week compared with February due to disruptions and output cuts amid the U.S.-Iran war, according to shipping data.
The sea route, normally used to transport about a fifth of the world supply of oil, forced exporters to cancel shipments and to interrupt production in oil fields
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