By the numbers… Saudi oil exports plunge to its lowest level

Follow-ups – Al-Khabar Al-Yemeni:

Saudi oil exports have recorded a sharp decline to their lowest levels in nine years, affected by the continued attacks on oil tankers in the Red Sea and the Strait of Hormuz, according to data published by Bloomberg agency.

This sharp decline comes as the “Houthis” announced the imposition of a blockade on Saudi navigation in the Red Sea. Yanbu port’s oil exports on the western coast gradually fell from 4.3 million barrels per day in June, to 3.7 million barrels per day in July, before recording a significant drop to 2.25 million barrels per day during August.

In the same context, Saudi exports transported via the Strait of Hormuz witnessed a notable contraction, falling to less than 800,000 barrels per day during August.

The agency indicated that these developments represent a double setback for the Kingdom and global energy markets alike, noting that the continued attacks on tankers are raising serious concerns among the Kingdom’s clients, who have shown increasing hesitation in using its ports overlooking the Red Sea.