Saudi Oil Exports Surge Near Wartime Highs Amid Houthi Attacks
Maritime tracking firms report robust export volumes despite ongoing missile and drone strikes on the kingdom's energy infrastructure.
Saudi Arabia's oil exports remain strong, approaching wartime highs in October despite a sustained campaign of attacks by Iran-backed Houthi rebels, according to maritime tracking firms.
The kingdom, the largest oil exporter in the region, shipped approximately 6.5 million barrels per day in October, a volume consistent with the previous month, data from Vortexa shows. Similar high traffic estimates were reported by Kpler and TankerTrackers.com, highlighting Saudi Arabia's capacity to maintain operations amid relentless Houthi missile and drone strikes targeting its oil infrastructure.
Following an attack last month that temporarily shut down the Saudi East-West pipeline, Riyadh has increased shipments through the Strait of Hormuz. Traffic in this key waterway is now nearing pre-war levels, reportedly under a U.S. naval escort.
Saudi Aramco, a global energy giant, also boosted its Red Sea exports to 2.5 million barrels per day, an increase of 100,000 barrels from September, Bloomberg reported. With the East-West pipeline operational again, the kingdom has experienced a significant October export boom, helping to offset any previous flow disruptions caused by the Houthi attacks.
This surge in exports has allowed Saudi Arabia to capitalize on high global oil prices, driven by ongoing geopolitical conflicts, to mitigate revenue losses stemming from Houthi attacks on its airports.
Despite these robust export figures, the Houthi rebels continue their assaults. The group recently claimed responsibility for a fire at the Ras Tanura oil refinery, the kingdom's largest, which has a refining capacity of 550,000 barrels per day. The Houthis stated they fired a ballistic missile at the facility, in addition to other reported strikes on Najran Airport and an airbase in Khamis Mushait.
Saudi officials have not commented on the recent refinery attack. The persistent Houthi strikes have contributed to elevated oil prices, with Brent crude futures reaching $115 a barrel recently. Traders and investors are also navigating challenges in tracking oil shipments, as many vessels carrying crude out of the Persian Gulf have been disabling their transponders to conceal their locations.