BY THE NUMBERS:

https://t.co/ynXgasZeeu

— Alexander Stahel 🌻 (@BurggrabenH) September 28, 2026

“Over the past weeks, the key development has been the squeeze on Saudi exports. Originally, the Saudis recovered exports back in March by redirecting crude loadings away from the Arabian Gulf (also known as Persian Gulf :-). That meant exports somewhere between 30-40% below the January baseline. But it worked. Aramco exported 4.5mbpd of crude and 700kbpd of products in June through the Red Sea. Not bad.”