Saudi Aramco increases Yanbu port crude oil exports to compensate for the closure of the Hormuz Strait.

Shipping data shows that last week, Saudi Arabia's crude oil exports from the port of Yanbu in the Red Sea rose to nearly 4 million barrels per day, a significant increase from the levels before the outbreak of the Iran war. This surge indicates that the world's largest oil exporter, Saudi Aramco, is advancing its plans to transport crude oil to Yanbu through the East-West pipeline to maintain supply flow and compensate for the closure of the Strait of Hormuz due to conflict. The company stated on March 10 that Aramco can transport up to 7 million barrels per day of crude oil to Yanbu through this pipeline, with approximately 5 million barrels per day available for export and the rest supplying local refineries. According to data from Kpler, the average crude oil export volume through Yanbu in March so far has been around 2.9 million barrels per day, consistent with data provided by the London Stock Exchange Group. This is a significant increase from the average export volume of 770,000 barrels per day in January and February. Based on data from Kpler, the London Stock Exchange Group, and shipbroker Clarkson, export volumes soared to nearly 4 million barrels per day in the week beginning March 16, and are expected to further increase. Kpler analyst Johannes Laubal said, "We expect this upward trend to continue, with export volumes potentially reaching around 5 million barrels per day by the end of the month, which will be close to Yanbu's maximum loading capacity."