Saudi Arabia's Red Sea Oil Exports Plummet Amid Yemen Threats

Saudi Arabia's oil exports through the Red Sea have plummeted due to threats from Yemen. According to data, at least 11 oil tankers have turned off their tracking signals near Yanbu Port, and 8 others have changed routes to bypass the Red Sea.

Yanbu Port, located on the Red Sea coast, was initially seen as an alternative route for Saudi oil exports after the Strait of Hormuz was closed. However, this new threat has reduced its export volume by about 40%.

The daily export volume at Yanbu Port has decreased from approximately 3.8 million barrels to around 2.3 million barrels. This means a decrease of approximately $135 million in Saudi Arabia's daily income, given the price of oil is about $90 per barrel.