Saudi Crude Exports Fall to Nine-Year Low Amid Escalating Maritime Risks

Saudi Arabia’s observed crude oil exports fell to approximately 3 million barrels per day in August, marking the lowest monthly volume recorded since early 2017, according to vessel-tracking data compiled by Bloomberg, Vortexa, and Kpler as reported by gCaptain. The contraction reflects severe operational disruptions across critical Middle Eastern maritime routes, where escalating military tensions have exposed commercial tankers to targeted attacks in both the Red Sea and the Strait of Hormuz.

The drop follows a period of diversion to Saudi Arabia's western maritime infrastructure. Tracking figures cited by gCaptain show crude shipments out of the Red Sea port of Yanbu expanded from around 770,000 barrels per day in January to roughly 4.3 million barrels per day in June, following the effective closure of the Strait of Hormuz in late February. However, Red Sea volumes subsequently contracted to 3.7 million barrels per day in July after Yemen's Houthi movement declared a blockade on Saudi shipping, dropping further to approximately 2.25 million barrels per day in August. Meanwhile, Persian Gulf exports from Saudi terminals briefly recovered to 800,000 barrels per day in July before retreating again in August.

Shipowners and buyers have grown increasingly cautious following recent security incidents along both export corridors. Two tankers carrying Saudi crude were hit by projectiles in the Strait of Hormuz amid hostilities between the United States and Iran, according to the report. National shipping company Bahri confirmed that two seafarers were killed in an attack on one of its vessels. Heightened risk has prompted some charterers to avoid loading at Saudi Red Sea terminals, forcing Riyadh to consider alternative voyages around Africa that add thousands of miles to transit schedules.

Despite the overall decline in Saudi exports, satellite imagery from August indicated limited loading activity involving four tankers at the Ras Tanura terminal on the Persian Gulf, alongside ongoing exports from Iraq, Kuwait, and the United Arab Emirates. However, renewed exchanges of fire between the US and Iran pushed crude oil prices in London back above $95 per barrel due to supply disruption concerns. Saudi Aramco declined to comment on the figures, while the Saudi energy ministry did not respond to requests for comment.