Saudi Oil Exports Plummet as Red Sea, Hormuz Risks Escalate

Saudi Arabia's crude oil exports declined in July due to risks threatening vessel traffic in both the Persian Gulf and the Red Sea. According to tanker-tracking data, Saudi oil shipments totaled 4.19 million barrels a day, which is 460,000 barrels a day lower than the previous month.

The decrease in exports was attributed to threats to ship traffic in key regions. When accounting for cargoes loaded onto ships stuck inside the Persian Gulf, exports are around 230,000 barrels a day lower.