Saudi Arabia is rerouting oil supply away from the blocked Strait of Hormuz at a record pace: Crude oil shipments from Yanbu, a port on Saudi Arabia’s Red Sea coast, are up to ~5 million barrels per day, DOUBLING in just 2 weeks. This comes as the 746-mile East-West pipeline is now operating at full capacity of ~7 million barrels per day. Of this supply, ~5 million barrels per day are being exported ~2 million barrels per day are being refined in Saudi. The surge in exports from Yanbu has now offset ~45% of lost Persian Gulf shipments this month. To put this into perspective, exports from this port were at just ~1 million barrels per day before the war in January and February. Saudi Arabia is actively looking for workarounds to the Hormuz closure.(The Kobeissi Letter)