Saudi Oil Exports Plunge as Spread of War Shuts Off Shipping Routes - The New York Times
Saudi Oil Exports Plunge as Spread of War Shuts Off Shipping Routes - The New York Times
Source: The New York Times
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DW NOTE
Saudi Arabia ships 20% of the world's seaborne oil through the Strait of Hormuz in normal times. With the strait closed since the US-Iran ceasefire collapsed — only 6 ships versus the usual 85 per day — that volume has evaporated. The Kingdom can pivot some exports west through the Red Sea, but not enough to offset the loss, and certainly not fast enough to prevent the supply shock already pushing WTI above $95.