Foreign Trade
Saudi Oil Shipments Diverted as Asian Refiners Avoid Red Sea Route
Asian refiners are requesting to collect Saudi crude from Egypt's Sidi Kerir port instead of Yanbu on the Red Sea, citing difficulty finding ships willing to navigate the dangerous waterway amid Houthi attacks. At least two refiners have asked Aramco for the alternative pickup location for September cargoes under long-term contracts, though higher logistics costs may lead some to skip monthly allocations. Aramco cut its main crude price for Asian customers in September, with levels at the lowest since 2020.
