Subject: Re: Vance Failed. No Deal.
Why would the Saudis do that, vs loading at the Saudi port on the Red Sea, and pocket the port fees themselves?

Easier to serve their customers in Europe, as a pipeline that sticks out at the Med means shorter transit for tankers. You don't even need the Suez canal (another potential choke point).

The Red Sea terminal is better served for their customers in Asia.

So US reserves are depleted faster.

Bear in mind over time Venezuela also comes back online.