Saudi Oil Exports Plummet Amid Middle East War

The global crude oil market has seen significant changes in the first half of 2026, according to shipbroker Banchero Costa. Saudi Arabia's crude oil exports declined strongly during this period, with volumes decreasing by -22.0% year-over-year (y-o-y) to 123.5 million tonnes.

This drop reflects the ongoing war in the Persian Gulf and marks a further decline from the 158.4 million tonnes exported in the same period of 2025. Saudi Arabia is the single largest seaborne exporter of crude oil, accounting for 14.4% of global seaborne crude oil exports in 2025.

In terms of destinations for Saudi crude oil shipments, Asia has become a major focus, with Mainland China being the top destination in Jan-Jun 2026, followed by South Korea and ASEAN.