Middle Eastern oil exports recover to highest level since Iran war began

Crude oil exports from major Middle Eastern producers rebounded to 12.8 million barrels per day in September, reaching their highest level since the war started in February, according to preliminary data from analytics firm Kpler cited by Reuters.

According to Kpler’s estimates, oil exports through the Strait of Hormuz were set to reach around 7.4 million barrels per day in September. Following damage to the East-West pipeline in attacks, Saudi Arabia redirected part of its export flows from the Red Sea port of Yanbu.

Saudi oil exports are approaching 5.4 million barrels per day in September, compared with 2.446 million barrels per day in August. At the same time, shipments from the Ras Tanura port rose to around 3.6 million barrels per day, up from 929,000 barrels per day in August.

According to Kpler, 19 very large crude carriers (VLCCs) passed out of the Strait of Hormuz last week, each carrying around 2 million barrels of Saudi crude.

Despite the recovery in shipments, total oil exports from the region remain around 6 million barrels per day below their February level.

By Jeyhun Aghazada