Saudi Crude Exports Plunge into Darkness Amid Houthi Threats

Saudi Arabia's crude oil exports from the Red Sea have gone dark as tankers seek to avoid attacks by Yemen's Iran-aligned Houthis. Shipping analysts cited by Reuters report that all recent crude loadings from Saudi Arabia's Red Sea port of Yanbu have been conducted without continuous Automatic Identification System (AIS) signals.

The growing use of so-called 'dark voyages' is creating significant uncertainty over the scale of disruptions to the Kingdom's oil flows. The Houthis declared a maritime embargo against Saudi Arabia on July 20 and have since claimed attacks on Saudi-linked tankers and oil facilities, including the Yanbu oil facilities and the Jazan refinery on the Red Sea coast.

Shipping data illustrates the growing uncertainty. Vortexa estimated Yanbu loadings at 2.38 million barrels per day (mmbbl/d) in the week beginning August 3, down from 2.71 mmbbl/d a week earlier. Kpler estimated a much sharper decline to 1.78 million bpd from 4.04 mmbbl/d.