SAUDI ARABIA JUST LOST 90 PER CENT OF ITS OIL REVENUE AND THE NUMBERS ARE STAGGERING
Maritime information company Windward has announced that oil loading at the Saudi port of Yanbu has decreased by about 40 per cent since July 19.
The port of Yanbu in western Saudi Arabia is one of the country’s most important oil export terminals in the shadow of the blockage of the Strait of Hormuz.
In total, Saudi oil exports have fallen from 8 million barrels to 2.4 million per day due to the closure of the two strategic waterways of Hormuz and Bab al-Mandab to Saudi ships.
This means a daily loss of 504 million dollars, which accounts for 90 per cent of Saudi Arabia’s total oil revenue.
The numbers are staggering. The war is bleeding the Saudi economy dry. The blockade is working. The kingdom is paying the price.