Saudi Red Sea oil exports to hit record high in March

Saudi Arabia’s oil shipments via the Red Sea are on course to hit record highs in March although they are still far below the levels needed to compensate for the drop in flows from the Strait of Hormuz, shipping data showed on Tuesday.

The kingdom relies on the Red Sea port of Yanbu to help it boost exports to avert steep production cuts as its neighbours Iraq, Kuwait and the United Arab Emirates have already reduced output amid the U.S.-Israeli war with Iran.

Yanbu loadings...