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The crude oil shipment volume at Yanbu Port in Saudi Arabia has declined after reaching a record surge.
As Iran effectively blockaded the Strait of Hormuz, the oil loading volume at Yanbu Port on the Red Sea coast of Saudi Arabia surged to a record high earlier this week, but has slightly declined over the past two days. According to ship tracking data compiled by Bloomberg, Yanbu’s crude oil shipments earlier this week reached as high as 4.19 million barrels per day. As of Thursday, its rolling five-day average has fallen to a more moderate 3.6 million barrels per day.