Saudi Red Sea Crude Exports Plunge 41% as Houthi Threats Mount
Saudi Arabia's crude exports from the Red Sea port of Yanbu have fallen 41% from a March peak of 4.07 million barrels per day (bpd) to about 2.39 million bpd in June, according to Wood Mackenzie vessel tracking data. The decline comes after the kingdom redirected virtually all crude exports through its East-West pipeline to Yanbu at the start of the Iran war, bypassing the Strait of Hormuz. However, analysts warn that Yanbu is now exposed to its own chokepoint risk at the Bab el-Mandeb Strait, where Iran-aligned Houthi rebels have declared a naval blockade and claimed strikes on two Saudi tankers. Wood Mackenzie analyst Ian Solis noted that what appeared to be diversification was merely a shift from one strategic bottleneck to another, as Asia's major crude supply artery faces potential disruption from sustained Houthi attacks.
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