Saudi Red Sea Crude Exports Have Sank 41% Since March Peak

Saudi Arabia, which at the start of the Iran war redirected virtually all crude exports through its East-West pipeline to Yanbu on the Red Sea, has seen crude exports from Yanbu crumble by 41% to about 2.39 million barrels per day (bpd) by June, from a peak of 4.07 million bpd in March, Wood Mackenzie vessel tracking and cargo data showed.

Despite the near-total concentration of exports through Yanbu, volumes have declined steadily from the March peak, according to WoodMac's tracking data.

By June, Yanbu loadings had fallen to around 2.39 million…