economy
Saudi Arabia ramps up oil exports through Mediterranean pipeline to avoid attacks in Red Sea
Oil exports from Egypt's Mediterranean port of Sidi Kerir have more than doubled. The crude is mostly from Saudi Arabia, according to Kpler.
TL;DR
- Saudi Arabia is using the Sumed pipeline in Egypt to export oil to the Mediterranean Sea, bypassing Red Sea chokepoints.
- Exports from Egypt's Sidi Kerir port have more than doubled, with the majority being Saudi crude.
- This strategy change is a response to Houthi attacks and embargoes in the Red Sea, which have disrupted traffic through the Bab el-Mandeb Strait.
- Saudi exports from Yanbu through the Bab el-Mandeb Strait have decreased by nearly 90%.
- The longer route around Africa to Asia is proving less cost-effective, leading to Saudi crude heading to the U.S. and Europe instead.
- Recent drone strikes on LNG ships at Egypt's Port of Damietta highlight ongoing risks in the region.