Saudi oil exports plummet risk of attack on oil tankers from Strait of Hormuz to Red Sea

On September 2, due to escalating tensions in the Middle East, Saudi Arabia's observable crude oil exports last month plunged to the lowest level in at least nine years. Tanker tracking data compiled by Vortexa, Kpler and others showed that 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 data is also consistent with the judgments of crude oil traders and a person familiar with Saudi oil operations. Saudi ships were attacked by Yemeni Houthi forces in the Red Sea, threatening the route Saudi Arabia has long used to avoid the Strait of Hormuz. The continued attacks have alarmed customers in Saudi Arabia, some of whom are now reluctant to use Saudi Red Sea ports. That forced Riyadh to find alternative routes around Africa, which not only added thousands of miles to the voyage, but also further disrupted global supply chains already strained by the region's six-month conflict.