One silver lining for global energy mkt, Saudi exports out of Yanbu were already running well below peak print anyway. A week ago, I flagged the dislocation—Aramco was ramping liftings out of Ras Tanura on the Gulf side, when logic dictated rerouting heavy volume through Yanbu instead. It didn't make much sense back then, but the puzzle pieces are finally clicking together. If they really drew up this diversification strategy in advance anticipating Red Sea geopolitical risks, I have to say it is truly phenomenal. Not on Aramco’s payroll here. But call it dumb luck or a blind squirrel finding a nut, the timing was undeniably spot on. On a total net export basis, this will cushion the blow from the E/W pipeline hit. Oh and the strait shuttlers are going to feast on this. With the tonnage list clamping shut and the Saudis throwing barrels into the mix, that's just a tidal wave of fresh cargoes to lift. Loading activity on the Saudi east coast looks very busy again today. That said still a massive wildcard... if Iran follows Houthi footsteps and actually tightens the chokehold on the SoH...? Then Saudi... best of luck! Or they could just pull a UAE—fly a cargo plane stacked with hard cash to Tehran and beg the IRGC for mercy! 😘 #oott# #iran#