Saudi Arabia is dramatically increasing oil exports through Egypt and the Mediterranean as escalating security threats in the Red Sea force the kingdom to rethink how it moves crude to global markets.
Oil exports from Egypt's Mediterranean port of Sidi Kerir have more than doubled in August, reaching about 2.3 million barrels per day compared with roughly 1 million bpd in July, according to Kpler data cited by CNBC. The majority of those barrels are Saudi crude, signaling what analysts say is a significant shift in Riyadh's export strategy.
