Energy
Saudi Oil Exports Fell by 50% in March on Iran’s Hormuz Shutdown
The country is a vital source of oil supply for the world, providing about one in every six barrels of crude hauled by tankers.
Photographer: Giuseppe Cacace/AFP/Getty ImagesSaudi Arabia’s crude oil exports fell by half in March after Iran effectively prevented tankers from leaving the Persian Gulf, forcing the kingdom to reroute flows to its west coast.
Shipments averaged 3.33 million barrels a day during the month, tanker tracking data show. The drop would have been much bigger if Saudi Arabia hadn’t been able to divert crude to export terminals on the Red Sea.