❗️Saudi Aramco moves crude exports to Red Sea to bypass Hormuz
Saudi Arabia’s state oil company Saudi Aramco is seeking to divert part of its crude exports toward the Red Sea in order to avoid the Strait of Hormuz, where security threats have brought shipping close to a standstill, according to sources to Reuters cited on Tuesday.
The world’s biggest oil producer aims to prevent output reductions by shipping crude through its Red Sea terminal at Yanbu. However, sources including customers, traders, and analysts, warned that the East-West Pipeline has constrained throughput and could itself face attack risks.
According to three sources, Aramco has notified certain buyers of its Arab Light crude that their shipments will need to be loaded at Yanbu, noting that the company will review market demand and supply conditions before updating customers.
READ FULL ARTICLE: This article originally appeared on The Cradle
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