Saudi Arabia is moving crude through the Red Sea port of Yanbu at close to maximum capacity this week, as tensions with Yemen's Houthis add to broader concerns over Gulf shipping routes, according to data and industry sources cited by Reuters.
Daily loadings at Yanbu reached about 4.7 million barrels per day around 13 July, up from 3.36 million barrels per day around 10 July and broadly in line with 4.6 million barrels per day around 2 July, according to Signal Ocean data. Kpler data also showed average daily loadings of around four million barrels per day in recent weeks.
Saudi Aramco, the world's largest oil exporter, has increased its use of Yanbu since the U.S.-Israeli conflict with Iran began on 28 February. Riyadh is also considering an expansion of pipeline capacity to the western Red Sea coast, which would allow more oil to be transported without crossing the Strait of Hormuz.
The kingdom has relied more heavily on the Red Sea route as disruptions around the Strait of Hormuz have constrained Gulf exports and affected other producers.
Yemen's Houthis fired missiles at Saudi Arabia after accusing Riyadh of bombing an airport under their control, breaking a four-year truce between the two sides.
Industry sources said there were concerns that Yanbu could become a Houthi target, although one shipping source said the port was already operating at maximum capacity and had little scope to increase shipments further.
Iran and the United States remain at loggerheads over efforts to agree a permanent end to the war in the Gulf, according to a senior Iranian source wh...
Central Asia’s economy has surpassed $543 billion, driven by Kazakhstan’s economic weight, strong exports and foreign investment, while growing tr...
The United Nations refugee agency is planning a settlement and carpet-weaving workshop for Afghan returnees in Kabul as the country grapples with larg...
Iran and the United States remain at loggerheads over efforts to agree a permanent end to the war in the Gulf, according to a senior Iranian source who said there had been no progress in talks to revive the interim deal agreed in June and define a timeframe to implement it.
U.S. President Donald Trump has called for Iran to pay compensation for decades of deaths and damage, adding a new demand to peace talks as Tehran seeks compensation and sanctions relief before reopening the Strait of Hormuz.
A criminal court in Damascus has sentenced former Syrian President Bashar al-Assad to death in absentia for premeditated murder, torture, arbitrary detention and crimes against humanity, according to Syria’s state news agency SANA.
Disruption in the Strait of Hormuz has increased the strategic importance of Bab al-Mandab, raising fears that instability in both waterways could trigger a wider global energy and trade crisis.
Ukrainian President Volodymyr Zelenskyy has warned that Russia is preparing to deploy additional North Korean forces on its territory and has received more ballistic missiles from Pyongyang, arguing that their growing military cooperation poses a threat beyond Ukraine.
Norway’s $2.3 trillion sovereign wealth fund has revealed a 0.05 per cent stake in SpaceX worth $1.22 billion, marking its first reported holding in Elon Musk’s space company.
U.S. data analytics firm Palantir Technologies has reported a 93 per cent year-on-year jump in second-quarter revenue, even as the company faces continued criticism over its work with Israel's military and allegations linking its technology to the war in Gaza.a.
Rising trade across the Caspian Sea is strengthening Georgia’s role as a logistics hub and could help the country develop higher-value industries, according to the Asian Development Bank (ADB).
Ford raised its full-year earnings forecast after reporting stronger-than-expected second-quarter adjusted profit, as resilient demand for its vehicles and operational improvements helped offset tariff-related costs.
SK Hynix reported record quarterly profit on Wednesday, but its shares slumped 10 per cent after the South Korean chipmaker fell short of investor expectations built around the artificial intelligence (AI) boom.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment