Saudi Arabia's March Oil Exports Jump 37% to $24.7 Billion as War Lifts Prices
Updated
Updated · Bloomberg · May 21
Saudi Arabia's March Oil Exports Jump 37% to $24.7 Billion as War Lifts Prices
3 articles · Updated · Bloomberg · May 21
$24.7 billion in March oil-export revenue marked Saudi Arabia’s highest monthly haul since October 2022, in the first full month after the Middle East war began.
A 37% year-on-year rise was driven by higher crude and fuel prices after fighting erupted in late February, boosting the value of both crude and oil-product shipments.
Saudi Arabia also cushioned the impact of the Strait of Hormuz closure by rerouting exports through the Red Sea, helping keep volumes moving despite regional disruption.
The figures show how the conflict has tightened energy markets while allowing a major producer with alternative routes to capture higher export earnings.
Is Saudi Arabia’s record oil profit a temporary windfall or a sign the world economy is fracturing?
As the Hormuz blockade continues, can Saudi pipelines truly prevent a global energy collapse?
With global markets on edge, why is China reportedly arming Iran in its conflict with the US?
Gulf Oil Shock 2026: Saudi Arabia’s Red Sea Reroute, Economic Fallout, and Global Energy Crisis After the Strait of Hormuz Closure
Overview
In March 2026, the outbreak of the U.S.-Israeli war with Iran led to the closure of the Strait of Hormuz, creating an immediate crisis for Gulf oil producers. Saudi Arabia quickly responded by activating its East-West pipeline and rerouting much of its crude exports to the Red Sea port of Yanbu. This move helped Saudi Arabia maintain a significant share of its oil sales and cushion the global market from a severe supply shock. However, the pipeline could not fully replace lost Gulf flows, highlighting ongoing vulnerabilities in the region’s energy infrastructure and the limits of emergency rerouting.