Saudi Aramco has been ramping up throughputs at its Red Sea refineries to mitigate the impact of Iran’s de facto closure of the Strait of Hormuz. The process began in February as a precautionary measure ahead of the joint US-Israeli military campaign against Iran, and went into overdrive in March.
Saudi products exports averaged 1.17mn b/d last month, Kpler data shows, of which 99% was from the Red Sea coast. This equated to a 20% decline from 1.46mn b/d in January – February exports were abnormally high due to the precautionary pre-conflict increases and so January is a more appropriate baseline. Refined products exports from the Red Sea are now running at record levels (see chart 1), as Aramco has ramped up crude oil supplies through the 7mn b/d East-West pipeline to Yanbu. Most external focus has been on crude oil exports from Yanbu (MEES, 27 March), but products exports are no less important. (CONTINUED - 685 WORDS)
