Saudis Are Diverting More Oil Exports to Avoid Southern Red Sea

Amid rising Red Sea shipping risks due to attacks on vessels from Yemen’s Houthis, Saudi Arabia has increased exports from its northern Red Sea terminal to avoid the danger zone, according to Bloomberg and Reuters.  Oil exports from Saudi Arabia’s Muajjiz terminal saw a 580,000-barrel-per-day increase in January, based on Bloomberg tracking data.  The Muajjiz terminal, on the Kingdom’s western coast near Yanbu, shipped 18 million barrels for export in January, compared to only 8 million barrels in December. …