Saudi Arabia Doubles Egypt Crude Exports to 2.3 Million Bpd as Strait Risks Spread
Updated
Updated · CNBC · Aug 12
Saudi Arabia Doubles Egypt Crude Exports to 2.3 Million Bpd as Strait Risks Spread
3 articles · Updated · CNBC · Aug 12
Summary
Kpler data show crude exports from Egypt's Mediterranean port of Sidi Kerir averaging about 2.3 million barrels a day in August, with most volumes originating in Saudi Arabia.
Iran's restrictions in the Strait of Hormuz and Houthi attacks on tankers near Bab el-Mandeb have pushed Riyadh to bypass both chokepoints, first via Yanbu on the Red Sea and now through Egypt's cross-country pipeline.
Vessel traffic through Hormuz has fallen to a roughly three-month low of about 13 ships on a five-day moving average, even as Washington says escorted oil exports there have approached 9 million bpd.
That gap between U.S. and independent shipping estimates has clouded visibility on actual flows, while Goldman Sachs says Middle East volumes are only about 35% of prewar levels and sees upside risk to oil prices.
With Saudi pipelines maxed out and the Red Sea under fire, can the world survive a permanent closure of the Strait of Hormuz?
As Gulf states pour billions into vulnerable bypass pipelines, are they merely shifting the target for strikes rather than solving the crisis?
If reopening the Strait won't instantly fix supply chains, how high will global oil prices climb before new alternative routes are completed?
Saudi Arabia’s 2026 Oil Export Emergency: Pipeline Limits, Port Bottlenecks, and Global Supply Deficits
Overview
The August 2026 crisis began with the US-Israel-Iran war and the closure of the Strait of Hormuz, forcing Saudi Arabia to cut oil output and urgently reroute exports through the East-West Pipeline to Yanbu. While pipeline flows surged, severe bottlenecks at Yanbu’s port and attacks on infrastructure created major export constraints. Security threats escalated as Houthi rebels imposed a Red Sea blockade, pushing shippers to take costly detours around Africa. To maintain exports, Saudi Arabia converted its NGL pipeline to crude service, crippling its petrochemical sector. These disruptions triggered a global oil deficit, soaring prices, OPEC fractures, and deep fiscal strain for Saudi Arabia, forcing a rethink of its Vision 2030 ambitions.