The Saudi oil is almost the "magic wand" solution when oil markets go out of control. All it takes is couple of words from one the "princes" or "ministers" of Saudi Arabia, and that calm the markets greatly. Even now, with straight of Hormuz dilemma, the solution is Saudi oil.
But the reality is a bit different, here is two maps, one with the locations of the current field and the pipelines coming in and out. The second is the amount of oil being produced and where. If you do not read Arabic, if you see zeros in the figure it is in 100,000 barrel, and if you single digit or no digit after the decimal point, is it in millions of barrels.
Clearly the vast majority of oil is on the east north side and it makes way more sense for it to leave through the straight. Granted there is a "life line" pipeline going the red sea, but it is hardly enough for the total production let alone extra production needed for ramp up. And that is why, despite all the "markets" propaganda, oil is over $100, and most the world is struggling to adjust.
We can also take a look at percentages of Sauid production, showing practically the same story above.
| Port | Location | Approx Share of Saudi Crude Exports |
|---|---|---|
| Ras Tanura | Eastern Province (Persian Gulf) | 60–65% |
| Juaymah Terminal | Eastern Province (Persian Gulf) | 20–25% |
| Yanbu Commercial Port | Red Sea (Medina Province) | 10–12% |
| King Fahad Industrial Port Yanbu | Red Sea (Medina Province) | 3–5% |