Saudi Oil Exports Through Red Sea Plummet Amid Yemen Threats

Saudi Arabia's oil exports through the Red Sea have seen a significant decline due to threats from Yemen, according to data and assessments by maritime institutions.

Yanbu Port, located on the Red Sea coast, had become an alternative route for Saudi oil exports after the closure of the Strait of Hormuz. However, this route is now facing its own challenges.

Data shows that 11 oil tankers have turned off their tracking signals near Yanbu Port, and 8 other tankers have changed their routes to bypass the Red Sea. This has led to a 40% decrease in exports from Yanbu Port, with daily volumes dropping from around 3.8 million barrels to approximately 2.3 million barrels.

The decline in oil exports is estimated to result in a loss of around $135 million per day for Saudi Arabia, considering the current price of about $90 per barrel.