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.
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