Saudi Arabia Weighs Higher Asia Crude Prices as Red Sea Shipping Costs Rise

AI Summary

Saudi Arabia may increase crude oil prices shipped to Asia to offset higher shipping costs caused by the Houthi blockade in the Red Sea. Production will be redirected from Yanbu port to Ain Sukhra in Egypt, using the Suez-Mediterranean pipeline, impacting Asian markets.

Saudi Arabia may raise the price of the crude it ships to Asia via the Suez Canal, Reuters has reported, to reflect higher shipping costs due to the Houthi maritime blockade in the Red Sea. The price hike could reach $5 per barrel of crude. Citing unnamed sources, the publication said Aramco was responding to the need to redirect oil flows from its Red Sea port of Yanbu to the Ain Sukhra port in Egypt, from where the crude gets transported via the Suez-Mediterranean pipeline to the port of Sidi Kerir, and from there, to Asian markets. From Egypt’s…