Saudi Arabia's Strait Closures Cost $504M

Wendard Marine Data Company revealed that Saudi Arabia's losses resulting from the closure of the Strait of Hormuz and Bab el-Mandeb amount to approximately $504 million, which is about 90% of its oil revenues, due to a decline in oil exports from 8 million to 2.4 million barrels per day. Additionally, oil shipments at the Yanbu port have decreased by about 40% since July 10, reflecting the impact of the closures on the Saudi economy and oil production.

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