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Commodities

Aramco Considers New Pricing as Red Sea Disruptions Hit Shipping Costs

Guavy AI Editorial Team
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Oil
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Saudi Aramco is reevaluating its pricing mechanism for crude oil exports to Asia due to increased shipping costs caused by rerouting. The company has been forced to divert more supply through Egypt's Sidi Kerir port after Yemen's Houthi rebels imposed a naval blockade on Saudi oil shipments through the Bab el-Mandeb strait.

This disruption has resulted in longer routes and higher freight costs, potentially adding $10 million extra per shipment or $5 a barrel to Asian buyers. Saudi Aramco is considering adjusting its pricing to account for these additional expenses.

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