Oil exports from the Middle East have reached their highest level since February
Middle Eastern oil exports have returned to February levels / Photo: Unsplash/Shaah Shahidh
Crude oil exports from key Middle Eastern countries in September reached their highest level since February, when the U.S. war with Iran began. Shipments totaled 12.8 million barrels per day, according to Kpler data cited by Reuters. The recovery in volumes is largely due to an increase in shipments through the Strait of Hormuz, which are projected to total about 7.4 million barrels per day in September, the agency reports.
The increase is due to higher supplies from Saudi Arabia and the UAE, Reuters notes. Saudi Arabia’s exports rose to 5.4 million barrels per day in September after falling to 2.446 million in August. The Kingdom was able to reroute crude oil flows from the port of Yanbu on the Red Sea following attacks that damaged the East-West oil pipeline on September 11. The pipeline resumed operations on September 22.
Despite the resumption of shipments from key Middle Eastern countries, this figure remains about 6 million barrels per day below the February level, when exports totaled 18.8 million barrels, Reuters notes.
Data from Kpler shows that a total of 19 very large crude carriers (VLCCs) left the Strait of Hormuz last week, each carrying 2 million barrels of Saudi crude. These figures do not include vessels that may have crossed the strait with their transponders turned off to avoid detection, Reuters reports. By way of comparison: before the war with Iran began in late February, about 125 large commercial vessels typically passed through the strait each day, including tankers, gas carriers, bulk carriers, and container ships, which accounted for about 20% of daily global shipments of crude oil and liquefied natural gas, the agency notes.
What about the prices?
The price of November WTI crude oil futures jumped more than 5% on September 28, reaching $96.39 per barrel. Contracts for the benchmark Brent crude rose 4% and were trading at $108.75 per barrel. Oil prices resumed their upward trend after U.S. President Donald Trump rejected Iran’s latest proposal to resume shipping through the Strait of Hormuz.
This article was AI-translated and verified by a human editor
