Saudi Red Sea oil exports to hit record high in March, shipping data shows

Core Insights - Saudi Arabia's oil exports via the Red Sea are projected to reach record highs in March, although they remain insufficient to offset the decline in shipments from the Strait of Hormuz [1][2] Group 1: Export Data - Yanbu loadings averaged 2.2 million barrels per day (bpd) in the first nine days of March, an increase from nearly 2 million bpd the previous week and 1.1 million bpd in February [1][2] - Saudi Arabia's crude oil exports through the Strait of Hormuz were approximately 6 million bpd before the conflict began, which has since disrupted this route [1][2] - A total of 37 tankers are expected to load at Yanbu in March, with at least 40 tankers potentially loading, which could elevate exports above 4 million bpd [1][2] Group 2: Production and Capacity - The kingdom has reduced its oil production to around 9.8 million bpd from 10.9 million bpd in February, as it prepared for possible supply disruptions [1][2] - Aramco's pipelines can transport up to 7 million bpd to the Red Sea, with 5 million bpd allocated for exports and the remainder for domestic refineries [1][2] - The Yanbu port has the capacity to handle more than 4.5 million bpd, although it has rarely loaded more than 2.5 million bpd historically [1][2] Group 3: Security Concerns - The Red Sea route faces security risks, particularly from Yemen's Houthi forces, which have previously disrupted shipping during conflicts [1][2] - No attacks in the Red Sea have been reported since the onset of the Iran war, but threats remain, as noted by the West's navy information center [1][2]