(March 16): Saudi Arabia is giving long-term oil customers the option of receiving their allocations for April via the Red Sea port of Yanbu, as it prepares for lengthy disruptions in the Strait of Hormuz. The Saudis have a five million barrel-a-day pipeline that runs across the country to the Red Sea, although export capacity at Yanbu may be smaller than that. The Saudis typically sell all of their oil via long-term contracts, the bulk of which goes to Asia. The Saudi producer has also taken the unusual step of offering crude loaded from the port through spot market tenders. Beyond Asia, some European refiners have reported receiving less contractual volumes of crude from Aramco.

Source: The Edge Markets March 16, 2026 06:04 UTC