SAEDNEWS: New estimates from Goldman Sachs show Gulf oil exports have fallen 64% amid escalating regional tensions, reaching about 8.4 million barrels per day. Maritime insecurity and disruptions to transit routes have also sharply affected Saudi Arabia’s Yanbu port.
According to SaedNews: New estimates by Goldman Sachs point to an unprecedented decline in oil exports from the Gulf region amid escalating regional tensions, with shipments now standing at only 36 percent of their pre-conflict level.
The report estimates that Gulf oil exports have dropped 64 percent from the period before tensions began, bringing current volumes to around 8.4 million barrels per day, among the lowest levels recorded in the region in recent years.
The decline comes as maritime insecurity and disruptions along transit routes have severely constrained the movement of oil from Gulf countries.
Oil loading at Saudi Arabia’s Yanbu port has also fallen sharply. The port is one of Saudi Arabia’s alternative routes for moving oil outside the Gulf, but recent developments have affected its operating capacity as well.
