Saudi Arabia’s oil exports drop 36% as a result of the Houthi blockade of the Bab al-Mandeb Strait

Saudi Arabia’s oil shipments through the Bab el-Mandeb Strait have dropped by 36% over the past two weeks amid escalating conflict with the Yemeni Ansar Allah movement, according to The National News.

Reports indicate that two tankers loaded with Saudi oil turned around in the Red Sea on Tuesday, a day after the Yemeni Ansar Allah movement threatened to attack the Saudi shipping.

The tankers, which were heading for China and India carrying 2.7 million barrels of oil, abandoned their course for the Bab Al Mandeb and turned towards the Suez Canal.

The Houthis have declared a naval blockade on Saudi Arabia and warned that they reserve the right to escalate the conflict further in response to Riyadh’s actions.

Oil shipments to Saudi ports on the Red Sea declined to 6.1 million barrels per day last week, down from a peak of 9.5 million barrels per day on June 29, the report stated.

Since the conflict between Washington and Tehran began and the Strait of Hormuz was subsequently closed, the Bab el-Mandeb Strait has become a critical route for Saudi oil exports. In response, Saudi authorities are rerouting about 70% of their oil shipments to the port of Yanbu al-Bahr on the country’s western coast. Approximately 12% of global trade passes through the Bab el-Mandeb Strait, and its closure would have a significant impact on the world’s oil and gas supplies.