Aramco Boosts Mediterranean Crude Supplies Amid Red Sea Security Threats, Sources Say
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Saudi Aramco has increased its spot crude oil offerings from Egypt’s Mediterranean port of Sidi Kerir, according to five trading sources. This move comes in response to heightened security risks in the southern Red Sea, where Yemen’s Houthi rebels have threatened Saudi shipping through the strategic Bab el-Mandeb strait.
The additional volumes are transported via the Suez-Mediterranean (Sumed) Pipeline, which pumps oil from Egypt’s Red Sea port of Ain Sukhna to Sidi Kerir on the Mediterranean coast. Two sources noted that these spot cargoes are being offered to supplement existing supplies for Aramco’s term buyers.
While Saudi Aramco routinely uses Sidi Kerir to supply buyers in Europe and North America, these extra volumes indicate a push for operational flexibility. The move follows recent Houthi declarations targeting Saudi crude exports.
Aramco declined to comment on the matter.
“There is more available, and they are offering spot barrels to term customers,” said one trading source, who spoke on the condition of anonymity.
The exact volume and pricing of the new spot offers remain unconfirmed. However, the security situation in the region has escalated. The Iran-aligned Houthi group recently claimed responsibility for attacking two Saudi oil tankers in the Red Sea, with Saudi state media confirming that one vessel caught fire. The growing threat has prompted several tankers to reroute toward the Suez Canal.
Saudi Arabia has previously relied on its Red Sea port of Yanbu to bypass shipping disruptions in the Strait of Hormuz. However, data from analytics firm Kpler shows that crude loadings from Sidi Kerir have declined this year, averaging approximately 427,000 barrels per day (bpd) compared to 735,000 bpd last year.
Saudi Arabia generally markets its crude through long-term contracts based on monthly official selling prices (OSPs) tailored to specific regional markets, including Asia, the U.S., Northwest Europe, and the Mediterranean.
