Saudi Oil Exports Plummet to Record Low Amid Yemeni Threats

Saudi Arabia's oil exports have plummeted to less than one million barrels per day due to increased threats from Yemeni forces in the region. The developments come after a Saudi oil tanker, 'Wafa', was targeted by Yemeni forces near the port of Yanbu on Wednesday.

The tanker, which was transporting nearly 2 million barrels of oil, was forced to take a longer route through the Suez Canal due to restrictions on the Hormuz and Bab al-Mandab routes. This move has raised concerns about the cost and time of transporting Saudi oil to Asian markets.

The situation has been exacerbated by the spread of Yemeni threats to Saudi territorial waters over the past four days, limiting alternative shipping routes for Saudi vessels to bypass the African continent.