Saudi Suspends Oil Shipments Through Red Sea Strait - S&P Global Platts

Posted by OilVoice Press - OilVoice


Here is comment from Paul Sheldon, chief geopolitical adviser at S&P Global Platts Analytics.

“Saudi Arabia temporarily suspended all oil shipments through the Bab El-Mandeb Strait, after an attack by the Iran-backed Houthis caused “minimal damage” to a Saudi VLCC. The Bab el-Mandeb off the west coast of Yemen is particularly vulnerable to Houthi missiles, and is home to around 1.5 MMB/D of Gulf crude shipments to Europe. Kuwait and other Gulf producers also use the route, but their reaction is currently unclear. The Saudi move will likely force tankers on a longer trip around Africa. It should boost Med barrels, and could eventually raise Brent and other grades due to the higher requirement for volumes at sea. Until now, Houthi attempts at disabling Saudi targets have proved largely unsuccessful, but remain an underreported security risk in the world's largest oil-producing region. Neither Saudi Arabia nor Iran want a hot war, but some argue that Iran views Yemen as a low-cost way to bleed its Saudi rivals. As the July 25  incident demonstrates, risks of miscalculation are high.”

Saudi Arabia, the world's largest crude exporter, has suspended all its oil shipments through the Bab el-Mandeb strait at the southern tip of the Red Sea, following an attack on two VLCCs by Yemeni Houthi militia. See the S&P Global Platts FACTBOX below to assist in your reporting. A map will be forthcoming, so watch this link: https://www.spglobal.com/platts/en/market-insights/latest-news/shipping/072618-factbox-saudi-arabia-suspends-oil-shipments-through-red-sea-strait    

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