Crude oil exports from Saudi Arabia's Red Sea Yanbu port rose to nearly 4 million barrels per day last week, a sharp increase from export levels before the Iran war broke out, shipping data
Crude oil exports from Saudi Arabia's Red Sea Yanbu port rose to nearly 4 million barrels per day last week, a sharp increase from export levels before the Iran war broke out, shipping data shows.
The jump shows that Saudi Aramco, the world's biggest oil exporter, is making progress on a plan to send crude along its East-West pipeline to Yanbu to keep supplies flowing and offset the effective closure of the Strait of Hormuz due to the conflict.
Aramco can pump up to 7 million bpd to Yanbu through the pipeline, around 5 million bpd of which could be available for export, with the rest supplying local refineries, the company said on March 10.
In February, total Saudi crude exports exceeded 7 million bpd, according to Kpler, most of which passed through the Strait of Hormuz.
EXPORTS VIA YANBU EXPECTED TO RAMP UP
Crude exports via Yanbu have averaged about 2.9 million bpd so far in March, data from Kpler showed, broadly in line with figures provided by LSEG. This marks a sharp increase from an average of 770,000 bpd in January and February.
In the week starting March 16, exports surged to near 4 million bpd,
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