Summary
- Saudi Arabia is reported to be shifting crude export routes to Red Sea ports as the war with Iran and near-capacity oil storage in the Gulf region squeeze logistics.
- Saudi Arabia reportedly expanded exports via Yanbu port, with five very large crude carriers (VLCCs) shipping about 10 million barrels, roughly triple February’s level.
- With the Strait of Hormuz route blocked and Iraq cutting some crude production, supply disruptions in the Gulf persist and Brent crude has risen to around $80 a barrel.
Forecast Trend Report by Period
Saudi Arabia is reportedly shifting its crude export routes to Red Sea ports as oil storage facilities in the Gulf region near capacity in the aftermath of the war with Iran.
According to Walter Bloomberg on the 5th (local time), Saudi Arabia is increasing crude exports via the Yanbu port on the Red Sea coast instead of the Persian Gulf. So far this month, five very large crude carriers (VLCCs) have shipped about 10 million barrels from Yanbu—around three times February’s level.
With the shipping lane through the Strait of Hormuz effectively blocked due to the military clash with Iran, oil storage facilities across the Gulf are rapidly filling up. Other Gulf oil producers are also reportedly facing a shortage of storage space.
Amid tanker disruptions, Iraq has cut some crude output, and against a backdrop of global supply concerns, Brent crude has climbed to around $80 a barrel.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
