Yanbu Port Blockaded by Houthis, Saudi Arabia Returns to Covert Shipping via Hormuz

Last week, three very large crude carriers each loaded approximately 2 million barrels of Saudi crude oil within the Strait of Hormuz, with Kpler data indicating that six more vessels may load Saudi crude in the strait later this month. Meanwhile, Saudi Arabia has shifted some exports to Egypt's Sidi Kerir terminal, but export volumes there are only about 670,000 barrels per day, a sharp decline compared to the previous 4 million barrels per day at Yanbu Port.