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#SaudiCrude9YearLow Saudi crude exports reportedly fell to around 3M barrels per day in August—the lowest level since tracking began in 2017 🛢️ What caught my attention is that this doesn’t appear to be only a production story. Hormuz has become the bottleneck, with US forces reportedly escorting 40 merchant vessels through the strait on September 1, a wartime high. Pressure is building elsewhere too. The Red Sea bypass remains risky amid Houthi attacks, while Ukrainian strikes on Russian energy infrastructure led Moscow to extend its diesel export ban through month-end. Brent approaching a six-week high makes sense in that context, but it’s difficult to separate actual physical tightness from the geopolitical premium 📊 To me, the key question is whether these disruptions remain temporary—or start changing normal shipping routes and export capacity for longer. The barrels may still exist. Moving them safely is becoming the real problem.