Saudi Arabia's oil infrastructure is proving resilient:

Crude exports from Yanbu terminals are running at ~4.0 million barrels per day, 4 times the levels seen at the end of February.

In the last days of March, shipments along the 746-mile pipeline that carries crude from eastern oil fields to the Red Sea coast were as much as 4.5 million barrels per day.

This is despite a drone strike last week that damaged one of 11 pumping stations, reducing throughput by ~700,000 barrels per day.

Saudi Arabia has since restored the pipeline to its full capacity of 7 million barrels per day, with ~2 million consumed domestically and up to 5 million available for export.

The pipeline is now the most significant alternative route for crude exports, bypassing the Strait of Hormuz.

Saudi Arabia is ramping up oil exports.