Saudi Aramco launches major export route restructuring, making Yanbu Port a key hub for Middle Eastern crude oil exports

Golden Ten Data reported on March 3 that, according to foreign media, Saudi Aramco is exploring plans to shift more cargo shipments to the Yanbu port on the Red Sea. This port is located outside the Persian Gulf, and with the Strait of Hormuz currently effectively closed, dozens of ships are stranded inside the Gulf. Saudi Aramco usually exports most of its crude oil from ports within the Gulf, but last weekend's attacks led to the closure of the Strait of Hormuz, causing congestion for vessels. The world's largest oil exporter owns a transnational pipeline with a daily capacity of 5 million barrels, which transports oil from eastern fields to the western Red Sea. According to informed sources, Saudi Aramco has asked some Asian clients if they can pick up crude oil from Yanbu, located on Saudi Arabia's Red Sea coast. One source said the company is also consulting shipping companies to verify whether they would shift loading points from the Persian Gulf to Yanbu. As the Middle East conflict spreads, Saudi Aramco is already facing impacts. Previously, due to drone attacks, the company was forced to shut down its largest refinery at Ras Tanura in the Persian Gulf. The halt in maritime traffic has also raised concerns about storage tanks in the region reaching full capacity, which could ultimately lead to production cuts.