Saudi oil sales slump to nine-year-low amid war on Iran, Yemeni blockade: Report
Saudi oil exports have slumped to a nine-year-low as the closure of the Strait of Hormuz ensued from the US-Israeli aggression against Iran, and Yemen’s reliatory blockade against the kingdom have crippled Riyadh's main source of income.
According to tracking data compiled by Kpler and Vortexa, Saudi crude shipments averaged roughly 3 million barrels per day (bpd) in August.
This marked the lowest monthly volume in records reaching back to early 2017, Bloomberg reported, citing numbers corroborated by crude traders and a person familiar with Saudi operations.
Repeated attacks on tankers transporting Saudi crude have unnerved buyers, with some now refusing to load at the kingdom's Red Sea terminals.
The kingdom is weighing long detours around Africa that add thousands of kilometers, spiking costs and deepening the strain on supply chains worn down by six months of war.
The steepest decline occurred at the Red Sea port of Yanbu, where shipments reached nearly 4.3 million bpd in June before sliding to 3.7 million bpd in July, and falling further to approximately 2.25 million bpd in August.
The July decline followed the Yemeni Armed Forces' declaration of a blockade on Saudi shipping in the Red Sea, a route Riyadh had turned to after being forced away from the Strait of Hormuz.
The current maritime blockade is a direct response to the devastating, years-long siege imposed on Yemen by the Saudi-led coalition.
For nearly a decade, the coalition has enforced a crippling land, sea, and air blockade, which the United Nations has repeatedly described as a primary driver of the world's worst humanitarian crisis.
The siege has deliberately targeted Yemen's ability to import food, fuel, and medicine, while simultaneously attempting to plunder the nation's oil and gas resources.
Utilizing their advanced asymmetric naval capabilities, including drones and missiles, Yemen has shifted from a purely defensive posture to an active pressure campaign.
The strategy is designed to inflict direct economic and military costs on the Saudi regime until the siege is permanently lifted, the war is ended, and Yemen's full sovereignty is restored.
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