Saudi Oil Exports Plummet from Red Sea Amid Houthi Threats

Saudi Arabia's Red Sea oil exports are becoming increasingly opaque due to tankers switching off tracking signals to avoid attacks by Yemen's Houthi rebels, according to Reuters. This practice of 'dark voyages' is making it harder for analysts and traders to assess the impact of Houthi threats on crude flows.

Ship-tracking firms have produced widely varying estimates of Saudi oil exports from the Red Sea, with data used by organizations such as the International Energy Agency (IEA) and OPEC. In the week beginning August 3, Vortexa estimated loadings from Yanbu fell to 2.38 million barrels per day (bpd), while Kpler calculated a sharper drop to 1.78 million bpd. However, AXSMarine reported an increase to 850,000 bpd from about 420,000 bpd.

The Houthi declaration of a maritime embargo against Saudi Arabia on July 20 has opened a new front in the Iran conflict, with the US and its allies facing increased tensions.