Middle East oil exports rebound as Saudi Arabia boosts shipments
Middle East crude oil exports rebounded in September, driven by a sharp recovery in shipments from Saudi Arabia and increased flows through the Strait of Hormuz.
Kpler estimates that exports from key producers in the region reached around 16.3 million barrels per day this month, their highest level since the conflict with Iran began in late February.
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The figure covers exports from Saudi Arabia, the UAE, Iraq, Oman, Qatar, Kuwait and Iran.
Despite the recovery, shipments remain below pre-conflict levels, with around 19.5 million barrels per day exported in February.
Saudi Arabia led the rebound, with shipments expected to reach around 5.4 million barrels per day in September, up from 2.45 million in August.
Exports through the Strait of Hormuz are also recovering, with Kpler estimating flows of around 9.7 million barrels per day in September.
Saudi Arabia has rerouted exports following attacks that damaged its East-West pipeline, contributing to increased shipments through the Gulf.
Kpler data showed that 19 very large crude carriers, each capable of carrying around two million barrels of Saudi oil, passed through the Strait of Hormuz last week.
However, traffic through the strategic waterway remains below levels seen before the conflict.
Before 28 February, around 125 large commercial vessels typically passed through the strait each day.
The Strait of Hormuz is a major route for global energy supplies, handling around 20% of the world’s daily crude oil and liquefied natural gas supply before the conflict began.