LONDON: Crude oil exports from Saudi Arabia’s western Yanbu port rose to nearly 4 million barrels per day last week, a sharp increase from export levels before the Iran war broke out, shipping data shows.
Saudi Aramco, the world’s biggest oil exporter, is trying to boost exports by sending crude along the East-West pipeline to Yanbu to offset the Strait of Hormuz disruption, with most of the oil heading for Asia.It can pump up to 7 million bpd to Yanbu through its East West pipeline, around 5 million bpd of which could be available for exports, with the rest supplying local refineries, Aramco said on March 10.
In February, total Saudi crude exports exceeded 7 million bpd, according to Kpler.Crude exports via Yanbu have averaged about 2.9 million barrels per day so far in March, data from Kpler showed, slightly above figures provided by LSEG. This marks a sharp increase from an average of 770,000 bpd in January and February.
In the week starting March 16, exports surged further to near 4 million bpd, according to Kpler, LSEG and shipbrokers Clarksons, and are expected to ramp up further.
