Saudi Red Sea crude oil exports hit record high as Houthi blockade threatens supply routes

(1) On the eve of the Houthi forces announcing the blockade of Saudi oil transportation, Saudi Arabia's crude oil exports through Red Sea terminals had already reached a historic high; during the Iran War, Saudi Arabia shifted part of its crude oil transportation from the Persian Gulf to the west coast for export via the Red Sea, and this alternative route played a crucial role in stabilizing international oil prices. (2) The Houthi forces then announced the implementation of a maritime blockade, putting this supply route at direct risk; if the blockade succeeds, it could further push up crude oil futures prices. (3) Tanker tracking data shows that in the week ending July 17, Saudi Arabia exported a record 5.9 million barrels of crude oil per day through the two terminals at Yanbu port; for the week ending July 20, this slightly decreased to 5.5 million barrels per day, and this data also includes crude oil destined for the Jizan region as well as supplies for refineries and power generation facilities.