Key facts
- Saudi Arabia has increased crude oil exports from Sidi Kerir, Egypt, by 33% in the last month.
- The rerouting is a response to threats from Houthi militants in the southern Red Sea.
- Oil is being shuttled from Yanbu port on the Red Sea to Ain Sukhna, then via the SUMED pipeline to Sidi Kerir.
- Shipments via this northern route have risen to 1.1 million barrels per day.
- The new route adds approximately one month to delivery times for Asian buyers.
Saudi Arabia has significantly increased its crude oil exports from Egypt's Mediterranean port of Sidi Kerir, with shipments rising by approximately 33% in the month following Houthi threats to Red Sea shipping lanes. The Saudi state oil giant Aramco is shuttling crude from its Yanbu port on the Red Sea northward to Egypt's Ain Sukhna port. From there, the oil is transported via the SUMED onshore pipeline to Sidi Kerir on the Mediterranean Sea, enabling it to bypass the Bab el-Mandeb Strait and the southern Red Sea, areas of heightened risk due to Houthi activity.
International shipping companies, including Norway's DHT Management AS and Greece's Dynacom, are reportedly assisting Aramco in this rerouting effort. Data indicates that this new route has boosted shipments via the northern Red Sea to about 1.1 million barrels per day. At least four tankers have made multiple journeys, transporting over 16 million barrels of oil recently. This diversion, however, adds nearly a month to the delivery time for Saudi crude destined for Asian refiners, some of whom have requested to receive their cargoes at Sidi Kerir due to the increased shipping safety concerns.