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Saudi Arabia resumes oil shipments through the strategic Red Sea Lane

The world’s largest Oil producer Saudi Arabia has resumed oil shipments through the strategic Red Sea Shipping Lane of Bab al-Mandeb from August fourth in a sigh of relief for consumers world over. 

Saudi Energy Minister Khakud ak Falih said the shipments though this crucial shipping lane resumed on August fourth. Shipments though this lane remained suspended since July 26th after the Gulf country’s two oil tankers were attacked by Yemen’s Iran aligned Houthi Movment. 

The Saudi official news agency quoting the Energy Minister said the decision to resume shipping in these lanes was made after the Arab led coalition had completed all necessary security procedures.

With Iran coming under US sanctions in the next three months, Oil consuming nations including India is largely dependent on Saudi Arabia to meeting the crude requirement.                    

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