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Saudi Arabia increases Yanbu crude oil exports, aiming for a target of 5 million barrels
Shipping tracking data shows that over the five days through Tuesday of this week, the average export crude oil shipments from the south and north terminals in Yanbu, Saudi Arabia, reached 4.4 million barrels per day. After Saudi Arabia moved quickly and began sending crude oil to the Red Sea via this 746-mile pipeline, the amount of oil flowing through Yanbu has continued to rise steadily. Riyadh’s goal is to increase exports from Red Sea ports to 5.0 million barrels per day, and that target is within reach. The so-called “East-West pipeline,” which connects the Abqaiq processing hub to Yanbu, has a nominal capacity of 7.0 million barrels per day. However, 2.0 million barrels of that must be prioritized for Riyadh and for the refineries along the Red Sea coast (Yanbu and Jazan near the border with Yemen), as well as for power generation and water desalination plants. (Bloomberg)