Most of this oil is now going to Europe and the U.S. instead of Asia because of the extra time and shipping cost for going around Africa.
The UAE is now in the catbird seat for shipping oil to Asia, at least until Iran decides to attack Fujairah.
Saudi Arabia ramps up oil exports through Mediterranean pipeline to avoid attacks in Red Sea
... Oil exports from Egypt’s Mediterranean port of Sidi Kerir have more than doubled to about 2.3 million barrels per day in August compared to around 1 million bpd last month, according to data provided by the trade intelligence firm Kpler. The majority of those exports are Saudi crude, said Matt Smith, director of commodity research at Kpler. ...
Saudi exports from Yanbu through the Bab el-Mandeb Strait were down nearly 90% to 1.3 million barrels during the week of Aug. 3, compared with 11 million barrels for the week of July 20 when the Houthis declared the embargo, according to Kpler data. ...
