Saudi Red Sea Crude Exports Plunge 41% Since March Peak Amid Houthi Blockade Threats
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 follows Saudi Arabia's redirection of virtually all crude exports through the East-West pipeline to Yanbu after the start of the Iran war, bypassing the Strait of Hormuz. However, the shift has exposed Saudi exports to new risks at the Bab el-Mandeb chokepoint, where Iran-aligned Houthi rebels have declared a naval blockade. This week, Houthis struck two Saudi tankers in the Bab el-Mandeb Strait, escalating Middle East war tensions. Wood Mackenzie analyst Ian Solis noted that Yanbu's dependence on Bab el-Mandeb creates a strategic bottleneck, threatening crude supply to Asia if disruptions persist. The total Saudi export level fell 66% from January's 7.96 million bpd across both Gulf and Red Sea terminals.
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