Saudi Arabia’s ability to bypass the Strait of Hormuz has been boosted by the start of exports from the rehabilitated Mu’ajjiz terminal on the Red Sea. While nominally boosting Red Sea crude loading capacity to 7.5mn b/d, pipeline constraints limit this to 5mn b/d, rising to 7mn b/d shortly.

On 14 October the first crude oil shipment since 1991 left Saudi Arabia’s Mu’ajjiz terminal on the Red Sea coast. De-mothballing the nameplate 3mn b/d facility, now renamed...