DID Press: Saudi Arabia’s oil exports have fallen sharply after Saudi tankers were blocked from transiting the strategic Strait of Hormuz and Bab al-Mandab waterways, according to maritime intelligence firm Windward.
Windward said oil loadings at the Red Sea port of Yanbu have declined by about 40% since July 20. Yanbu is one of Saudi Arabia’s key export terminals and serves as a major alternative route when shipments through the Strait of Hormuz are disrupted.
According to the company, Saudi Arabia’s total crude oil exports have dropped from about 8 million barrels per day to 2.4 million barrels per day following the closure of the two strategic waterways to Saudi shipping.
The decline is estimated to reduce Saudi oil revenues by approximately $504 million per day, representing a loss of around 90% of the kingdom’s oil export income.