Saudi Oil Exports Sink to 3.2 Million Bpd as Houthi Attacks Choke Alternate Routes
Updated
Updated · The New York Times · Sep 9
Saudi Oil Exports Sink to 3.2 Million Bpd as Houthi Attacks Choke Alternate Routes
3 articles · Updated · The New York Times · Sep 9
Summary
Saudi Arabia’s oil exports fell to 3.2 million barrels a day last month, the lowest level in at least 13 years, as the kingdom ran short of viable routes around the Iran war.
Hormuz’s closure first pushed Riyadh onto Red Sea pipeline exports, but a Houthi blockade there forced a costlier detour via a pipeline near the Suez Canal that adds weeks to Asia-bound shipments.
Only two Saudi cargoes passed through the Bab al-Mandab Strait in the past week, according to Kpler, showing how sharply traffic through the Red Sea has deteriorated.
Houthi attacks that injured 73 civilians and hit southern Saudi energy facilities have pushed Riyadh toward retaliation, raising the risk that another export workaround could be disrupted.
Saudi supply is central to global price stability, so prolonged constraints on its export network could tighten oil markets well beyond the Gulf.