Reuters and CNBC reported the restart to Saudi oil export operations in the Persian Gulf on Saturday

 Saudi Aramco resumes oil loading at Ras Tanura in boost to supply

... Two Very Large Crude Carriers controlled by Saudi’s shipping arm Bahri were seen loading crude at Ras Tanura, the world’s biggest oil port, while another is heading towards the terminal, the data showed on Friday. A fourth VLCC waited nearby. Each VLCC is capable of loading 2 million barrels of oil.

... Ras Tanura sits on Saudi Arabia’s eastern coast on the Gulf and is west of the Strait of Hormuz. It used to export more than 5 million bpd of crude before the conflict. The country’s largest domestic 550,000 bpd refinery is also located at Ras Tanura, which was shut during the war as a precautionary measure. 

Aramco last loaded a cargo from Ras Tanura port for China on March 8, LSEG data showed, and had to divert its exports to the Red Sea port of Yanbu after the Iranian blockade of the strait during its war with the U.S. and Israel prevented ships from entering the Gulf.

The war has caused Saudi crude exports to slump to about 4 million bpd in the past three months, the data showed, from more than 7 million bpd in February.

... [Rystad Energy] now estimates that shut-in production across the Gulf has fallen to 9.6 million barrels per day (bpd) in mid-June, down from 11.7 million bpd just three weeks ago, and expects a full supply recovery in the region by the end of the year. 

Saudis confirmed loading VLCCs in the Persian Gulf for the first time in four months

 

Meanwhile others claim the Saudis are moving oil through the Strait of Hormuz

 In a world where tankers routinely turn off their automatic marine identification systems to avoid identification and hide their locations, or use them to broadcast fake identities and locations, or even sail under false flags, it is difficult to know what to believe. 

The oceans are still The Wild West.

Two examples today claiming Saudi use of the Strait of Hormuz: 

 

The one big missing factor: Saudi Arabia reportedly has not used the Persian Gulf to ship anything

 Shipping rebounds in Strait of Hormuz one week after U.S.-Iran deal – but fragile confidence threatens recovery

 

... Aristidis Alafouzos, CEO of Okeanis Eco Tankers Corp, a crude oil shipping company headquartered in Greece, said he doesn’t expect Thursday’s attack on a ship in the Gulf of Oman to “significantly change” the trend of transits through the waterway.

“We’ve seen a large increase, especially on the crude oil passages, and I think this is set to continue and maybe this one-off event isn’t enough to really disrupt the recent events of the large exports of Kuwaiti and Emirati crude oil from the Gulf,” Alafouzos told CNBC’s “Squawk Box Europe” on Friday.

“The one big missing factor is the Saudis. For now, we haven’t seen them export almost anything from inside the Arabian Gulf and everything is coming from Yanbu in the Red Sea.” ...

Typical straw man argument from Trump when Saudi Arabia has primarily defensive ballistic missiles, 30x fewer of them than Iran, and used none of them in the recent war when Iran launched 135 against them

 Trump On Iran Deal: "What Am I Going To Do? Let Saudi Arabia Have Missiles, But They Can't?"

When the going gets tough, the weak have to sell their gold, or hinder its purchase

 As gold’s tumble continues, traders bet the pain may last for two more years

... “Turkey’s central bank is selling gold and buying dollars trying to support the lira, and the gulf nations – Qatar, UAE, Saudi Arabia – they need the money for the war so they’ve been selling gold, too,” Nigam Arora, founder of the Arora Report, said in a call. “At the same time, India’s raised duties on gold, and anyone who’s just watching charts, they had stops under $4,400 and had to start selling when it broke that level.“ ...       

Meanwhile in India . . .

Reserve Bank of India’s forex defense tool surpasses $110 billion as rupee slides 

The RBI's net-short dollar book has ballooned to record levels as India's central bank fights to stabilize a currency under siege from oil prices, geopolitical tensions, and capital outflows. 

India’s central bank is burning through an unprecedented amount of financial ammunition to keep the rupee from cratering. The Reserve Bank of India’s forward dollar-selling contracts have crossed the $110 billion mark, reaching an estimated $110-115 billion in early June 2026, a record for the institution’s net-short dollar book.

Think of it like this: instead of selling dollars from its vault today and watching reserves drain in real time, the RBI is writing IOUs to sell dollars at a future date. It’s a way to defend the currency now while kicking the reserve hit down the road. The problem is that the IOUs are piling up fast, and the road isn’t getting any longer. ...

India imports roughly 85% of its crude oil needs, making it acutely sensitive to energy cost swings. When oil gets more expensive, India needs more dollars to pay for it, which weakens the rupee.

The forward sales strategy itself carries a subtle risk. Those contracts eventually mature, meaning the RBI will need to deliver dollars at the agreed-upon future dates. If the rupee hasn’t stabilized by then, the central bank could face a situation where it’s simultaneously defending the currency in real time and settling old commitments. ...

The increase in Saudi oil exports through the Bab-el-Mandeb Strait in April 2026 came to about 3.3 million barrels per day according to Kpler

  Iran’s threats against this Red Sea choke point are a big vulnerability for the oil market

 ... Oil and product exports through the Bab el-Mandeb nearly doubled to 7.2 million barrels per day in April compared with 3.9 million bpd in February before the U.S. and Israel attacked Iran, according to data provided by Kpler. 

The interactive chart by Kpler in the story is a shipwreck.

The data is in millions of barrels per day passing through, as explained in the story. Unfortunately you don't see "million" anywhere in the chart. 

What you see is 5.2B, 7.7B, 2.9B, etc., which could easily be misinterpreted as either "barrels" or "billion".

The proper designation should be MMb/d or perhaps MMB/D in the chart, but maybe just leave that out entirely next time because it's already too busy and just put "million" in the subtitle before "barrels" and leave it 5.2, 7.7, 2.9, etc. in the chart.

 

 

Meanwhile CNBC has an excellent story with great interactive graphs of vessel transits through the Strait of Hormuz and the Bab-el-Mandeb Strait before and after the Houthi and Iran conflicts

 And it's quite clear that the Iran war has had no real effect on the number of vessel transits through the Bab-el-Mandeb while destroying transits through the Strait of Hormuz.

Increased Saudi reliance on Yanbu on the Red Sea might change BAM transits in the future, but to what extent transits through SoH might recover is very difficult to say.

BAM transits never recovered from the Houthi threat, and SoH transits may not from the Iran threat, with serious implications not just for oil but for important bulk materials like fertilizer and helium.

SoH transits:

Feb 24 2026: 107.29

Apr 18 2026:   12.57

May 24 2026:    6.00

 

BAM transits:

 

May 24 2023: 82.86

Feb 26 2026:  40.14

May 24 2026: 38.14 

 

Oil exports through the Strait of Hormuz might not return to levels seen before the Iran war

... Daily traffic through the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden, collapsed by more than half from 75 ships on Nov. 19, 2023 to 31 vessels by January 30, 2024. More than two years later, traffic through the strait still has not returned to the levels once considered normal. ...

Tanker transits in both the Persian Gulf and the Red Sea crawled to a virtual halt on April 10-11

Just two out of the Strait of Hormuz April 10-11, just nine through the Bab-el-Mandeb Strait in either direction after Iran attacked the Saudi pipeline to Yanbu on April 8-9.

 

Today's drinking word is CINO

 Ceasefire in name only.

 

 

Tanker traffic out of the Persian Gulf has been cut by 98% in one month because of the Iran War, effectively reducing the world's primary energy inputs through the Strait of Hormuz by 20%

The UAE is bypassing the Strait of Hormuz with 1.9 million barrels per day now coming out of Fujairah via its overland pipeline, and Saudi Arabia's overland pipeline west to Yanbu is moving about 4.5 million barrels per day out through the Red Sea, but that's not the 20 million barrels per day lost due to the war, and no LNG is moving at all.

Pakistan and Bangladesh get two thirds of their LNG from the Gulf, Taiwan gets one third of its LNG. Taiwan says its has eleven days' supply remaining. Many others are also severely affected by the cut-off of LNG from Qatar. About 20 LNG tankers are trapped in the Gulf, half the global fleet available for charter.

Meanwhile Iran has increased export of its oil from 1 million barrels per day in February to 2 million in March, 90% of which goes to China, and Iran is now charging tolls to vessels to exit the Gulf along its coast, which occurs only under Iranian escort. 

 

 

The Houthis have joined Iran by restarting hostilities against Israel

Trump couldn't finish the Houthis off last year, and now they come back to bite.

Oil tankers filling at Saudi Arabia's Yanbu port in the Red Sea because it was too dangerous in the Persian Gulf may soon have nowhere to fill.

All because Donald Trump has been mistaken twice in the Middle East.

The energy crisis will soon be a global energy catastrophe, leading to an inflation catastrophe, leading to an economic catastrophe. And maybe a world war.

 

 

For all the crazies who think the Joos are behind the U.S. attack on Iran, make room in your conspiracy theories now for the Saudis, too, lol

 

Trump's base is not happy: Strong disapproval of Trump hits new high 46% in Rasmussen Reports Poll, strong approval hits new low 27% for a second day

Trump's total disapproval score remains at a record high 55% for a second day.

His strong approval score is now a record low 27%, lower than his April 9th tariff low of 29%, his only sub-30 score until the last two weeks.

Trump has had a string of eleven sub-30 strong approval scores since November 11th.

Trump kicked off the period on November 11th stating that we needed H-1B workers because we didn't have enough talent in America. The longest federal government shutdown in history ended on Wednesday the 12th. Around the 15th he reversed his tariffs on coffee and other food items which had contributed to their record high prices in the first place. The same day brought the news that he had also stabbed Marjorie Taylor Greene of Georgia in the back over her criticism of the GOP's refusal to extend the Obamacare premium tax credits. The Epstein files saga came to a head on the 18th requiring their release, but will we ever see them? TikTok was supposed to be sold or shut down by act of Congress, too, and it has not been. On the 19th Trump was kissing the ass of the Saudi killer of Khashoggi, MBS, in the Oval Office. On the 20th Trump's secret 28-point plan with Russia to carve up Ukraine came to light. On the 22nd Democrats went on camera talking darkly about illegal orders being given to the military in the Caribbean. A National Guard soldier was executed on the streets of DC on the 26th by an Afghan refugee let into America by Biden but given residency by Trump. By the 29th we learned that survivors of a Trump drug boat attack in the Caribbean on September 2 were executed in a subsequent strike by the US military, which they obviously hoped no one would ever find out about. They spent the whole time since making up shit about this being a war justifying military engagement when everyone knows it's not a war and killing people for running drugs in the first place is wrong, otherwise the job we give the Coast Guard to do year in and year out has been simply a pointless exercise.

Trump's base is not happy. Pick your reason(s). 

 

 

The guy on the left beheaded a record high 345 people, mostly for non-violent drug offenses, in Saudi Arabia in 2024, but he says he still feels pain for the 9/11 families of America

 

 Trump, Saudi Crown Prince bin Salman brush off criticism of Khashoggi killing

 ... On Tuesday, bin Salman said, “You know, I feel painful about, you know, families of 9/11 in America. But, you know, we have to focus on reality.”

“Reality based in CIA documents, and based on a lot of documents that Osama bin Laden used Saudi people in that event, for one main purpose, is to destroy this [relationship], to destroy the American-Saudi relation,” bin Salman said.

“It’s really painful to hear .... anyone that been losing his life for you know, no real purpose or ... not in a legal way,” bin Salman said, referring to Khashoggi.

“And it’s been painful for us in Saudi Arabia,” the prince said. “We did all the right steps of investigation ... in Saudi Arabia, and we’ve improved our system to be sure that nothing happened like that. And it’s painful, and it’s a huge mistake, and we are doing our best that this still doesn’t happen.” ...

A week before the 60-day War Powers Act deadline, the Houthis conveniently cry uncle and pledge to halt attacks on US naval forces and Red Sea shipping

 

Israel wipes out the Houthi airport, fuel supplies, and concrete factory and then they finally cry uncle? 

Something doesn't add up here.

Trump announces US will stop bombing Houthis 

... Trump, ahead of a meeting with Canadian Prime Minister Mark Carney, said the halt would start immediately. The Houthis approached the administration on Monday night indicating “they want to stop the fighting,” he said. ...

Israel escalated strikes against the Houthis on Monday night with 20 fighter jets bombing the rebel-held port city of Hodeidah. Israeli forces were responding to a ballistic missile strike against the Jerusalem airport by the group. The Trump administration also labeled the Houthis a terror group in March, changing a Biden-era policy. ... Houthi strikes against the waterway have declined significantly in recent months, and the group hasn’t targeted a commercial vessel since late December. ... 

Israel's military says it has fully disabled Yemen's main airport with strikes... 

... “We indirectly informed the Americans that the continued escalation will affect the criminal Trump’s visit to the region, and we have not informed them of anything else,” said Mahdi al-Mashat, head of the Houthi’s supreme political council, in a statement carried by the rebel-controlled SABA news agency early Wednesday. Trump is due to visit Saudi Arabia, Qatar and the United Arab Emirates next week. ...

Trump lets Putin select America's negotiating team, removes Keith Kellogg from Ukraine-Russia negotiations after objections from Putin, objections which may have been transmitted by Steve Witkoff

 Kremlin told U.S. it didn't want Trump's Ukraine-Russia envoy at peace talks

President Donald Trump’s special envoy for Ukraine and Russia was excluded from high-level talks on ending the war after the Kremlin said it didn't want him there, a U.S. administration official and a Russian official told NBC News. 

Retired Lt. Gen. Keith Kellogg was conspicuously absent from two recent summits in Saudi Arabia — one with Russian officials and the other with Ukrainians — even though the talks come under his remit.

“Together,” Trump said in announcing Kellogg’s nomination in November, “we will secure PEACE THROUGH STRENGTH.”

But Kellogg did not attend U.S.-Russia talks in Riyadh, the Saudi capital, on Feb. 18. Russian President Vladimir Putin thought he was too pro-Ukraine, a senior Russian official with direct knowledge of the Kremlin’s thinking told NBC News. ...  

For everything else there's MasterCard

Nutball worlds in collision: Trumpism defends freedom in Europe with its right hand, stabs it in the back in Ukraine with its left, Biden defended freedom in Ukraine with his right, attacked it in America with his left

 

 But The Federalist has its blinders on. Biden baaaaaaad! Trump gooooood!

"Let's see if we can find some naive kid to write a story about it!" 

By Defending Free Speech Worldwide, Team Trump Reclaims America’s Global Moral High Ground:

Under President Donald Trump, the suppression of natural rights by Western powers will no longer be ignored by the United States.

Yep, J. D. Vance goes to Europe to beat up on our friends. But suppression of freedom will be ignored, in places like Russia, Saudi Arabia, and China. And above all in Ukraine.

This is the essence of libertarianism: Make the good the enemy of the perfect.

But defending freedom where it really counts would take some courage, and they don't have it. 

The author of this article, who graduated from college in 2022 with a BA in political "science", ends it touting the execrable Darren Beattie at Marco Rubio's State Department, a Taiwan surrender monkey. 

 

The article is the second in the queue at Real Clear Politics this morning. One goes there looking for some serious editorial judgment and gets this.

Trump/Vance don't have the moral high ground. They are just the cowardly other side of the same old hypocritical American coin.

Ambrose Evans-Pritchard: To watch our ally of 80 years, the USA, turn on us with ferocity and blithely team up with our declared enemy really is the end of days

 

Trump’s embrace of Putin is a Molotov-Ribbentrop crisis for Europe:

The new regime in Washington is testing pro-American sympathies to breaking point

 

Ambrose Evans-Pritchard20 February 2025 6:50pm GMT

We are at that moment in Animal Farm when the gentle carthorse Clover looks through the window to see the pigs playing cards and drinking a toast with men.

The pigs are all perfectly at ease and sitting back in chairs around a table, no doubt a rougher surface than the luxurious polished table used to host America’s Marco Rubio and Russia’s Sergei Lavrov in Saudi Arabia this week. The Russian press reports that the meeting was a love-fest of jokes and bonhomie, with a “very tasty lunch”.

George Orwell’s scene was an allegory of the Molotov-Ribbentrop pact, when Europe’s great power alignment suddenly and violently shifted. The liberal democracies woke up on Aug 23 1939 to discover that the Soviet Union had reached a non-aggression deal with Nazi Germany. Days later, Hitler and Stalin carved up Eastern Europe between them. The Nazis could then turn their concentrated fury on France and Britain without having to worry about a second front.

Britain had started to re-arm as early as 1935. Neville Chamberlain hurled money at the Royal Air Force in the late 1930s, with Spitfire squadrons arriving just in time. Defence spending had risen to 9pc of GDP by 1939.

This time, Europe’s democracies have indulged the same pacifist illusions as they did in the run up to 1939 but have milked the peace dividend even longer. Military spending by EU states was 1.9pc of GDP in 2024, a full 17 years after Vladimir Putin declared political war on liberal civilisation and all its works at the Munich Security Conference in 2007 – “a good speech” said one Angela Merkel, audibly, in the front row.

He then set about restoring the tsarist empire to the borders of Catherine the Great with an unswerving consistency. Austria is not even part of Nato and behaves accordingly.

Some are rising to the challenge. Denmark has given its stock of munitions to Ukraine and even the trade unions back a war tax to raise defence spending to 4pc of GDP. “We are in a very, very critical period in world history,” said Lars Løkke Rasmussen, the Danish foreign minister.

Poland’s military budget is already up to 4.7pc. “We’re that afraid,” said his Polish counterpart Radosław Sikorski at last week’s Munich forum.

Lithuania aims for 5pc to 6pc of GDP by next year, alarmed by intelligence warnings that Putin may seize the Suwalki Gap, which runs through its territory from Belarus to the Russian enclave of Kaliningrad.

They all know that Putin has a narrow window of time to attack if the Ukraine war is quickly settled on Russian terms. His advantage is temporary: a greatly enlarged army heading for 1.5m by 2026 and an industrial war economy firing on all cylinders but untenable for much longer.

Fears are growing that Donald Trump will order the US military to pull its Nato tripwire forces out of the Baltics in order to seal the “deal of the century” with the Kremlin. Will he swallow the bait as the smooth McKinsey-trained head of Russia’s investment fund, Kirill Dmitriev, dangles the offer of hydrocarbon riches – real or imagined – in Russian Arctic waters?

The issue runs deeper in any case. Maga America has a greater natural affinity for Putin’s Right-wing cultural Weltanschauung than it does for the liberal democracies. After the battering of the last two weeks, some of us are forced to conclude that Britain and Europe are now the real enemies for this new Washington and, furthermore, that the US is anything but isolationist under Donald Trump.

He will not let us carry on being different. He will force-feed us his Maga ideology. His oil-fracking energy secretary was in London this week describing our renewables as “sinister”. Will we face sanctions for trying to do something about CO2 emissions? Perhaps, yes. Particularly for that.

I do not wish to dissect every post by Trump on Truth Social, or dwell on the speech by JD Vance. I think Britain should repeal all its hate legislation and stop misusing police resources on thought crimes. It should stop dividing us into categories and return to colour-blind liberalism. But one can agree with elements of Vance’s anti-woke critique while entirely rejecting the larger message behind it.

We are told repeatedly by Trump’s circle that he does not really mean what he says, or that we should not overreact to what he is very clearly doing. Let us hope they are right, but it is becoming harder by the day to have confidence in such assurances, or to believe that either Republicans or plutocrats will lift a finger to stop him – and I say this as a defender of Pax Americana for half a century.

Sir Keir Starmer is right to stay calm and try to defuse this terrifying inter-allied crisis on his visit to the White House. But we of The Telegraph parish, readers and writers alike, will all have to look into our souls if, as now seems painfully plausible, Britain is singled out for tariff warfare along with Europe on the pretext of our VAT taxes.

Worse yet if Trump does this while reaching a cosy commodity deal with Putin along with a grand bargain with Xi Jinping to protect Elon Musk’s interests in China. That would test one’s pro-American sympathies to breaking point.

Europe shares much of the blame for the disintegration of the Western alliance system. It failed to re-arm after Russia invaded Ukraine in 2014. Germany rewarded Putin months later by launching the Nord Stream 2 project, which had no purpose other than depriving Kyiv of strategic leverage by re-routing Siberian gas through Baltic pipelines. In return, Germany enjoyed a sweetheart gas deal at sub-market prices.

Britain could have rebuilt its military hardware at ultra-low borrowing costs during the secular stagnation of the 2010s, when it had ample spare capacity. It could have rebuilt its decaying infrastructure and revived its economy at the same time. The multiplier effect would have let us do these things without pushing the debt ratio any faster. Britain pursued austerity instead. Now it faces a greater task, in a hostile bond market.

Europe was even more destructive. Germany cut public investment and military spending to the bone for 15 years. It relied on mercantilist export surpluses of 8pc of GDP to drive growth, a policy that has left Germany in the cross-hairs of Trump’s trade warriors.

The eurozone debt crisis – self-inflicted because the European Central Bank did not then have political approval to back-stop debts – turned into a wider depression because Brussels over-egged austerity and used bailouts to impose drastic spending cuts. There was no exemption for military spending.

Defence as a share of GDP in 2015 was Hungary 0.5pc, Belgium 0.8pc, Germany 1.0pc, Spain 1.0pc, Italy 1.2pc, France 1.8pc –and that was after Russia’s annexation of Crimea. Military budgets crept up slowly thereafter but not enough to prevent further disarmament.

Europe thought it could keep free-riding on Uncle Sucker forever, despite warnings that this would end badly. There was much talk along the way of a European army and endless euro-speak meetings about procedures, modalities and the architecture of EU defence, but never anything real. That is why Europe today finds itself utterly naked.

But nobody expected it to end this badly and this suddenly. To watch an ally of 80 years turn on us with ferocity and blithely team up with our declared enemy really is the end of days.