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Saudi Arabia Offers Red Sea Route to Oil Buyers Amid Hormuz Tensions
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Hormuz Crisis: Saudi Arabia Offers Red Sea Option to Oil Buyers
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Moneycontrol
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16-03-2026, 12:13
Hormuz Crisis: Saudi Arabia Offers Red Sea Option to Oil Buyers
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Saudi Arabia is offering long-term oil customers the option to receive April allocations via the Red Sea port of Yanbu.
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This alternative comes as the Strait of Hormuz crisis persists, causing potential disruptions to Persian Gulf shipments.
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Yanbu deliveries are limited by pipeline capacity, providing only a portion of monthly supply, primarily Arab Light grade.
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Sinopec is cutting run rates by 10%, and Japan is releasing national reserves due to supply uncertainty.
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European refiners also report receiving less contractual volumes of crude from Saudi Aramco.
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