Saudi Oil Exports Hit Nine-Year Low Amid Maritime Attacks

Crude oil exports from Saudi Arabia fell to approximately 3 million barrels a day in August, marking the lowest level since at least 2017. The slump follows a series of tanker attacks in the Red Sea by Houthi militants and projectile strikes on vessels in the Strait of Hormuz, driven by escalating hostilities between the United States and Iran.

Regional conflict has severely disrupted traditional shipping lanes. While the Saudi government initially mitigated the closure of the Strait of Hormuz by shifting exports to the west coast port of Yanbu, Houthi blockades and renewed violence have deterred customers from using Red Sea ports. These disruptions have forced the government to consider longer, more expensive alternative voyages around Africa.

Maritime violence has had direct casualties, including a projectile strike on a tanker owned by the shipping arm Bahri that resulted in two deaths. The resulting supply instability has pushed crude oil prices above $95 a barrel, sparking global concerns regarding inflation and potential interest rate hikes. Aramco has declined to comment on the specific export decline figures.