Saudi Arabia Oil Exports Double to 2.3M bpd via Mediterranean Pipeline

Saudi Arabia has increased oil exports through a pipeline to the Mediterranean, with exports from Egypt's Sidi Kerir port rising to approximately 2.3 million barrels per day in August, up from around 1 million bpd in July. This change comes as Iran's Houthi allies declared a maritime embargo, impacting the Red Sea routes. Saudi exports through the Bab el-Mandeb Strait dropped nearly 90% to 1.3 million barrels during the week of August 3 compared to July 20. This shift in export strategy may impact global oil supply and pricing dynamics, particularly for Asia-focused imports, which are now less cost-effective.