Saudi oil exports collapsed, and the risk of attacks on tankers from the Straits of Hormuz to the Red Sea increased

On 2 September, Saudi Arabia ' s observed crude oil exports dropped sharply to at least the lowest level in nine years as a result of increased tensions in the Middle East region. The oil tanker tracking data compiled by Vortexa, Kpler and others show that Saudi oil exports in August were approximately 3 million barrels per day, the lowest level recorded since early 2017. This data is also consistent with the judgement of the crude oil dealer and a person familiar with Saudi oil operations. Saudi vessels were attacked by Yemeni Al-Houthi forces in the Red Sea, threatening the routes that Saudis had been using to avoid the Strait of Hormuz. The continuing attacks have horrified Saudi Arabian clients, some of whom are now reluctant to use Saudi Red Sea ports. This forced Riyadh to look for alternative routes to bypass Africa, which not only added thousands of miles, but also further disrupted the global supply chain, which was already strained by six months of conflict in the region。