Saudi oil exports plummet as the risk of tanker attacks from the Strait of Hormuz to the Red Sea intensifies

Due to escalating tensions in the Middle East, Saudi Arabia's observable crude oil exports plummeted last month to at least the lowest level in nine years. According to tanker tracking data compiled by Vortexa, Kpler, and others, Saudi Arabia's observable crude oil exports in August were approximately 3 million barrels per day, the lowest level since records began in early 2017. This figure also aligns with assessments from crude oil traders and an individual familiar with Saudi oil operations. Saudi vessels have been attacked in the Red Sea by Yemen's Houthi militants, threatening the route Saudi Arabia has long used to avoid the Strait of Hormuz. The ongoing attacks have alarmed Saudi Arabia's customers, some of whom are now reluctant to use the country's Red Sea ports. This has forced Riyadh to seek alternative routes around Africa, which not only adds several thousand miles to the journey but also further disrupts already strained global supply chains after six months of conflict in the region.