Saudi Surges Oil Exports From Yanbu Toward 5 Million Target

Saudi Arabia has ramped up crude shipments from Yanbu export terminals on the Red Sea coast as it diverts supplies away from the Persian Gulf and the Strait of Hormuz, which Iran has kept effectively closed since the end of February.

Shutting Hormuz has halted about 15 million barrels a day of crude shipments that normally leave the Persian Gulf for world markets. That’s sent oil prices soaring, left refiners scrambling and created shortages of key fuels. Saudi Arabia is one of only two countries in the region that can divert significant amounts of oil to bypass Hormuz, providing a crucial lifeline for supply.