Crude oil exports from key Middle Eastern producers increased to 12.8 million barrels per day in September, the highest level since the U.S. and Israel's war with Iran in February. This information is based on data from Kpler and indicates a significant increase in oil exports from the Strait of Hormuz.
Increasing Trend of Oil Exports
The improvement in exports from the Strait of Hormuz, a passage expected to see oil transfers reach about 7.4 million barrels per day this month, is the main driver of this increase. This change in route is due to damage to the East-West pipeline in Saudi Arabia and the diversion of oil exports from the port of Yanbu in the Red Sea towards the Strait of Hormuz.
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Statistics show that Saudi Arabia, as the largest oil exporter in the region, is on track to export about 5.4 million barrels per day this month, up from 2.446 million barrels per day in August. Oil exports from the port of Ras Tanura in the Persian Gulf have also increased to about 3.6 million barrels per day, while this figure was 929,000 barrels per day in August.
Number of Exporting Tankers
Over the past week, 19 very large tankers, each carrying 2 million barrels of Saudi oil, have exited the Strait of Hormuz. This data does not include ships that passed through the strait with their transponders turned off to avoid detection. Before the start of the Iran-Iraq war on February 28, this strait typically accommodated about 125 large commercial vessels daily, accounting for nearly 20 percent of the world's daily supply of crude oil and liquefied natural gas.
While crude oil exports from this region have shown an upward trend, they still reflect a decline of about 6 million barrels compared to 18.8 million barrels per day in February. This decrease may be due to international sanctions and challenges in the global oil market, which is influenced by various political and economic factors.
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