Saudi Oil Exports Vanish from Red Sea Amid Houthi Threats

Saudi oil exports from the Red Sea have gone dark as tankers switch off tracking signals to avoid attacks by Yemen's Houthis, a move that is complicating efforts to assess the impact of Houthi threats on Saudi crude flows.

The Houthis declared a maritime embargo on Saudi Arabia on July 20, targeting the US and its allies in the Iran conflict. They have since claimed attacks on Saudi-linked tankers, Yanbu oil facilities, and Jazan refinery, leading vessels to turn off tracking signals.

Data analytics firm Vortexa estimated Yanbu loadings fell to 2.38 million barrels per day from 2.71m the previous week, while Kpler estimated a sharper drop to 1.78m bpd from 4.04m. AXSMarine calculated a rise to 850,000 bpd from about 420,000 bpd.

The discrepancy in data has made it challenging for analysts and traders to forecast market trends. Ship-tracking firms have been relying on vessel reappearing on tracking systems once it has left the high-risk area, using satellite data to cross-check movements and fill in the gaps.