Aramco: Global oil market lost 2.6 billion barrels amid blockade on Saudi-linked shipping
RIYADH, Aug. 06 (YPA) – International reports and specialized economic data have highlighted significant changes in Saudi Arabia’s crude oil exports as Yemen’s maritime blockade on Saudi-linked shipping continues to weigh on global energy supplies.
The developments coincide with growing warnings from energy industry leaders over a widening global inventory deficit and the increasing difficulty of restoring balance to the oil market.
A report by Reuters noted a marked slowdown in Saudi crude exports originating from the port of Yanbu along the western Red Sea coast following escalated regional tensions.
Energy consultancy Energy Aspects corroborated the decline in crude loading operations at Yanbu, reporting that elevated maritime security risks have prompted shipping companies to adopt non-standard operational practices:
Tankers docking at Yanbu have increasingly loaded crude with their Automatic Identification System (AIS) transponders turned off (“dark sailings”) to prevent tracking in high-risk zones.
Fleet operators are turning more heavily toward the SUMED pipeline (connecting the Red Sea to the Mediterranean) as a strategic bypass around the Bab al-Mandab Strait and southern Red Sea danger zones.
Furthermore, Energy Aspects noted strategic rerouting across the maritime sector. Operators are increasingly relying on the SUMED pipeline (connecting the Red Sea to the Mediterranean) as an alternative route to circumvent the Bab al-Mandab Strait and avoid southern Red Sea hot spots.
Meanwhile, Amin Nasser, President and Chief Executive Officer of Saudi Aramco, warned that global inventories were running low despite emergency measures introduced to limit the impact on energy markets.
According to the company, the world has lost more than 2.6 billion barrels of oil supply since the US-Israeli conflict with Iran began in February.
“If the Strait were to open today, it would take up to 18 months at an average rate of 2.1 million barrels a day to replenish depleted inventories,” said Amin Nasser, President and Chief Executive Officer of Saudi Aramco.
@E.Y.M