Bloomberg: Saudi oil exports plunge to its lowest level

RIYADH, Sept. 03 (YPA) – Saudi Arabia’s observed crude oil exports fell in August to their lowest level in at least nine years as attacks on tankers and heightened risks in the Strait of Hormuz and Red Sea disrupted shipping, Bloomberg reported Wednesday.

Exports averaged about 3 million barrels a day last month, according to tanker-tracking data compiled by Bloomberg, Vortexa and Kpler, the lowest in records going back to early 2017.

Saudi exports from the Red Sea port of Yanbu fell to about 2.25 million barrels a day in August from 3.7 million in July, while shipments through the Persian Gulf also declined, according to the report.

The figures are provisional and could be revised as additional tanker movements are identified, Bloomberg reported.

The agency noted that the steady decline in oil exports poses an economic setback for Saudi Arabia, as maritime risks have raised serious concerns among buyers and importers. This has made some hesitant to use Saudi ports along the Red Sea coast.

The report added that navigation safety concerns have forced Saudi authorities to seek alternative maritime routes for energy shipments, including longer voyages around the African continent.

In the same context, the agency reported that Saudi Aramco declined to comment on data regarding the export drop, while the Saudi Ministry of Energy did not respond to requests for comment on these developments.

@E.Y.M