Houthi Maritime Embargo Hits Saudi Red Sea Crude Loadings

Crude oil loadings on Saudi Arabia's Red Sea coast have declined significantly after Yemen's Houthi movement announced a 'maritime embargo' against the kingdom. The embargo, which was declared on July 20, aims to prevent Saudi-linked tankers from crossing the Bab al-Mandeb strait at the southern end of the sea.

The strait is a crucial waterway for global oil trade, with over 4 million barrels per day passing through it. However, since the Houthi announcement, crude oil loadings on the Red Sea coast have fallen.

The decline in loadings is likely to impact Saudi Arabia's crude oil exports, which are a significant contributor to the kingdom's economy.