Saudi Arabia is sending more of its crude north to the Mediterranean, where loadings at the Egyptian port of Sidi Kerir have picked up. The path to Asian buyers runs longer and costs more than the Red Sea route the kingdom turned to after the Strait of Hormuz closed.
Saudi Arabia is looking north to the Mediterranean Sea to export its crude, pivoting toward yet another workaround as global conflict complicates its ability to ship oil through its usual channels.
Loadings at the Egyptian port of Sidi Kerir, about 20 miles west of Alexandria, have picked up as the kingdom races to offer its oil to buyers mostly from Asia. That backdoor is lengthier and more expensive than Saudi Arabia's Red Sea route.
The kingdom began relying more on that Red Sea route after the Strait of Hormuz closed amid the war in Iran. It has therefore been forced to work around two conflict zones to get its oil to Asia.
Egypt's Suez Canal and the Sidi Kerir terminal now stand as the kingdom's latest alternative for moving its oil.
Source: MarketWatch (snippet-based)
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