Saudi Arabia’s Saudi Aramco has decided to limit the supply of crude oil to the Asian region in April, foreign media reports. The reason for this is that trade transactions through the Strait of Hormuz are being disrupted due to the conflicts in the Middle East, the media reports.
Saudi Arabia exported 7.108 million barrels of crude oil per day in February, and by March it had dropped significantly to 4.355 million barrels per day. The uncertain situation in the Strait of Hormuz has led to this, and it is reported that Saudi Arabia’s crude oil exports and fuel refining activities have been disrupted due to the occasional Iranian drone missile attacks.
Saudi Arabia is trying to increase exports through the port of Yanbu to avoid the dangerous situation in the Strait of Hormuz.
Financial analysts say that due to this tense situation in the Middle East, various changes are taking place in the global energy market as well as in the Asian stock market.