Saudi oil exports are facing increasing challenges due to the naval blockade imposed by Sana’a on their passage through the Red Sea and Bab Al-Mandeb, resulting in a significant increase in voyage times and shipping costs for these exports to reach consuming countries.
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In this context, the economic observatory “Baqsh” points out in its report that “Asian markets have become the main destination for Saudi oil, making any disruption in the maritime routes leading to them more impactful on export movement.”
The report explains that transporting oil via alternative routes increases the voyage duration from Yanbu port to Taiwan from about 19 days to 48 days, an increase of nearly a full month. It also raises the fuel cost for a single tanker from about $1.26 million to $2.87 million, in addition to Suez Canal transit fees of approximately $1 million, adding about $2.5 million to the cost of each voyage.
It noted that Saudi Arabia had previously expanded its use of the Red Sea to export its oil after navigation in the Gulf was disrupted. However, recent security developments have forced it to reassess this route as well.
The observatory believes that operational constraints in the Suez Canal may push some giant tankers to use the “SUMED” pipeline, but its capacity of about 2.5 million barrels per day is insufficient to absorb the entirety of Saudi exports, which approach 7 million barrels per day.
It affirms that the disruption of strategic maritime passages reflects the fragility of global energy supply chains and leads to increased transportation costs and the redrawing of oil trade routes.
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