The increase in Saudi oil exports from the Strait of Hormuz in September 2023 was recorded at around 7.4 million barrels per day. This increase in exports is due to improved export conditions from the Strait of Hormuz and the transfer of part of Saudi oil exports to this route from the port of Yanbu in the Red Sea.
Export Growth and Its Impacts
Despite the growth in exports from regional countries including Saudi Arabia, the UAE, Iraq, Oman, Qatar, Kuwait, and Iran, the volume of exports remains about 6 million barrels per day lower than the levels of February 2023. In February of this year, oil exports from this region reached 18.8 million barrels per day. Meanwhile, Saudi Arabia, as the largest oil exporter in the region, had exports of 5.4 million barrels per day in September, showing a significant increase compared to the 2.5 million barrels per day recorded in August.
Read more: U.S. Government: Over 20 Million Barrels of Oil Have Passed Through the Strait of Hormuz
Details of Exports from the Port of Ras Tanura
Oil exports from Saudi Arabia's Port of Ras Tanura also reached 3.6 million barrels per day in September, while this figure was 929,000 barrels per day in August. However, exports from this port are still below the level of 6.4 million barrels per day recorded in February.
According to collected data, last week 19 Very Large Crude Carriers (VLCCs) carrying Saudi oil passed through the Strait of Hormuz. Each of these tankers carried about 2 million barrels of oil, totaling approximately 38 million barrels of Saudi oil. This figure does not include vessels that may have turned off their Automatic Identification System transmitters to avoid detection.
Before the war with Iran began on February 28, about 125 large commercial vessels, including tankers, gas carriers, bulk carriers, and container ships, passed through the Strait of Hormuz daily. At that time, this strait was the route for about 20 percent of the world's daily supply of crude oil and liquefied natural gas.
Read more: Suspension of Freight Charges for Oil and Gas Shipments · Joseph Maikoot's Forecast on Energy Market Changes Following Iran's Conflicts
