Red Sea transshipment offsets the impact of strait closure, Saudi Arabia’s oil export revenues in March reach a three-year high
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Golden Ten Data reported on May 21 that Saudi Arabia's oil export revenue in March surged to $24.7 billion, reaching a new high in over three years. Benefiting from Red Sea transshipment capacity and rising oil prices, Saudi Arabia successfully hedged the impact of the Strait of Hormuz closure. Data from the Saudi General Authority for Statistics shows that Saudi exports of crude oil and refined products in March increased by 37% year-on-year, the highest since October 2022. That month, London benchmark oil prices soared by 43%, as the near closure of the strait severely affected global supply and some Gulf economies. However, Saudi Arabia swiftly activated a nationwide oil pipeline, restoring capacity to about 70% of prewar levels by the end of March. According to a Goldman Sachs report at the end of April, Saudi Arabia's weekly oil revenue was 10% higher than before the war.
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