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Hormuz Bypass · Oil Exports · Saudi Arabia · Yanbu
Saudi Arabia is significantly increasing oil exports from its Red Sea port of Yanbu, aiming for 5 million barrels a day, to circumvent the Strait of Hormuz amid the Iran war, resulting in 11 supertankers currently waiting to load cargoes.
The Saudi Ports Authority (Mawani) and Aramco Trading launched a new Ship-to-Ship (STS) transfer service at Yanbu to facilitate this surge. Yanbu's export flows averaged 2.7 million barrels a day so far this month, up from 1.9 million in the first five days, but remain just above half the target.
Saudi Aramco CEO Amin Nasser confirmed the company is ramping up crude flows through the East-West pipeline, with additional barrels expected to arrive at Yanbu this weekend. The International Energy Agency (IEA) states oil prices have surged to near $100 a barrel since the Iran war began, describing the Hormuz closure as the biggest hit to global production on record.
Shipments from Yanbu are now predominantly directed towards Asia, shifting away from traditional deliveries to the Sumed pipeline.
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