Saudi oil exports fall to lowest level in nine years
Bloomberg has reported that Saudi Arabia’s crude oil exports fell in August to their lowest level in nine years, an event the media outlet said coincided with rising threats to the country’s shipping routes in the Red Sea.
According to the report, attacks on Saudi vessels in the Red Sea have put the country’s oil cargoes on a route that Riyadh had used during the war to bypass the Strait of Hormuz. Bloomberg described the decline as a setback for Saudi Arabia.
The media outlet added that the continued attacks have heightened concerns among Saudi customers and left some of them hesitant about using the country’s ports in the Red Sea. As a result, Riyadh has been forced to consider alternative sea transport options.
The report said one alternative route is to sail all the way around the African continent, a route that could increase the time and cost of transporting cargoes. Saudi Aramco declined to comment on the export figures, and the country’s energy ministry did not respond to Bloomberg’s request.
The Red Sea is one of the most important corridors for global trade and energy transport, and any disruption there could affect oil exports from countries in the region. The Strait of Hormuz is also considered one of the main oil transit routes in the Gulf.
