Saudi Arabia shifts oil exports to Suez Canal
Saudi Arabia has turned to exporting its oil via the Suez Canal instead of the Strait of Hormuz, due to disruptions in the main oil export routes and increasing security risks, especially following Houthi attacks on oil tankers in the Red Sea. This shift has significantly raised shipping costs, with fuel expenses increasing from $1.26 million to around $2.87 million per journey. The transit through the Suez Canal takes approximately 48 days, compared to 19 days via the Red Sea. The new measures require the Kingdom to adjust its export routes, including utilizing the Suez-Mediterranean (Sumed) pipeline to transport part of the oil, ensuring continued exports while reducing costs and enhancing security.
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