Summary
- Saudi Arabia is said to be shifting crude export routes to the Red Sea port of Yanbu as storage facilities near capacity due to the war with Iran and the blockade of the Strait of Hormuz.
- Saudi Arabia is said to have shipped about 10 million barrels from Yanbu so far this month on five very large crude carriers (VLCCs), roughly three times the February level.
- Iraq cut some crude output due to tanker disruptions, and Brent crude rose to around $80 a barrel amid global supply concerns.
Forecast Trend Report by Period
Saudi Arabia is said to be rerouting crude export flows to Red Sea ports as oil storage facilities in the Gulf 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, roughly three times the February level.
With shipping lanes through the Strait of Hormuz effectively blocked due to the military confrontation with Iran, crude storage facilities in the Gulf are filling up rapidly. Other Gulf oil producers are also said to be facing a shortage of storage space.
Amid tanker disruptions, Iraq has cut some crude output, while Brent crude has climbed to around $80 a barrel on global supply concerns.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
![Bitcoin retakes KRW 100 million amid reports of secret US-Iran contacts…$72,000 in focus [Kang Min-seung’s Trade Now]](https://media.bloomingbit.io/PROD/news/3beef0db-a8f6-4977-9dca-6130bf788a69.webp?w=250)