Saudi Arabian crude exports via Red Sea terminals climbed to record levels on
the eve of Houthi militants announced plans to block Saudi oil shipments,
putting the alternative export corridor at risk and, if implemented, potentially
further boosting crude futures. Tanker-tracking shows shipments via Yanbu’s two
terminals averaged a record 5.9m b/d in the week to July 17, easing to 5.5m b/d
in the week to July 20. Volumes include cargoes to Jizan and supplies to Aramco
refineries and Red Sea coastal power plants. Saudi had rerouted some flows from
the Persian Gulf to its west coast and out through the Red Sea during the Iran
war; the announced Houthi blockade threatens that route.
