Saudi Aramco is offering additional crude cargoes for loading from Egypt’s Sidi Kerir port, as threats from the Houthi movement against Saudi shipping increase risks for exports through the Bab el-Mandeb strait. The cargoes, which are transported to Ain Sukhna and then via the Suez-Mediterranean Pipeline to Sidi Kerir, are available on a spot basis, enhancing supplies for Aramco’s term buyers.
While Aramco already serves customers in Europe and North America from Sidi Kerir, the new offerings indicate a strategy to improve market flexibility amid escalating Houthi threats. The group has vowed to target Saudi crude exports, recently claiming an attack on two Saudi oil tankers, one of which reportedly caught fire.
Due to rising security concerns, several oil tankers have altered their routes towards the Suez Canal. Additionally, Saudi Arabia has ramped up crude exports through its Yanbu port in response to disruptions caused by the Iran conflict. Crude loadings from Sidi Kerir have declined this year, averaging around 427,000 barrels per day, down from 735,000 bpd last year, according to Kpler data.
