This has raised average shipments from the Red Sea to 2.5m barrels per day (bpd), compared to 786,000 bpd in February. While Saudi Arabia can divert much of its crude, other regional producers face a rapidly closing window to resume exports via the Strait of Hormuz. Theoretically, this pipeline system has the capacity to carry the majority of Saudi Arabia’s daily crude exports of approximately 7m barrels. The United Arab Emirates is exporting more than 1m bpd of crude via the port of Fujairah, located outside the Strait of Hormuz. This comes as oil companies informed some customers of plans to load Arabian Light crude from the Red Sea coast.

Source: Daily News Egypt March 05, 2026 20:25 UTC