Crude oil exports from major Middle Eastern producers increased to 12.8 million barrels per day in September, the highest level since the start of the U.S. and Israel's war against Iran on February 28. However, this figure is still about 6 million barrels per day lower than the region's export level in February.
Increase in Exports from Saudi Arabia and the UAE
The increase in exports from Saudi Arabia and the UAE and the improvement in shipment flows from the Strait of Hormuz have been the main factors for the monthly growth. Data from Kpler shows that crude oil exports from major producing countries in the Middle East, including Saudi Arabia, the UAE, Iraq, Oman, Qatar, Kuwait, and Iran, averaged 12.8 million barrels per day in September. Additionally, oil exports from the Strait of Hormuz were estimated at about 7.4 million barrels per day in the same month.
Read more: Middle East Oil Exports Reached 12.8 Million Barrels per Day in September
Saudi Exports and Changes in Shipment Routes
Saudi Arabia, the largest oil exporter in the region, exported about 5.4 million barrels per day in September, more than double the country's 2.5 million barrel exports in August. Preliminary data indicates that after the East-West pipeline in Saudi Arabia was damaged in attacks, part of the country's oil exports that were previously routed through the port of Yanbu in the Red Sea have been redirected to the Strait of Hormuz. Oil exports from the port of Ras Tanura in Saudi Arabia also reached about 3.6 million barrels per day in September, compared to 929,000 barrels per day in August.
Last week, 19 very large crude carriers from Saudi Arabia passed through the Strait of Hormuz. Each of these tankers has a capacity of about 2 million barrels of oil, bringing the total capacity of these vessels' shipments to approximately 38 million barrels. This statistic does not confirm the exact amount of oil delivered and also does not include ships that may have turned off their automatic identification systems due to the concealment of their movement paths.
The Strait of Hormuz remains below pre-war levels. Before the war began on February 28, about 125 large commercial vessels passed through the Strait of Hormuz daily, including tankers, gas carriers, bulk carriers, and container ships. At that time, this waterway was the route for about 20 percent of the world's daily supply of crude oil and liquefied natural gas. The increase in exports in September and the growth of shipments passing through the Strait of Hormuz indicate a relative improvement in energy export flows in the region; however, the gap in exports compared to February shows that the recovery process is not yet complete.
Read more: Saudi Arabia Resumed Oil Loading from the Port of Yanbu · Middle East Crude Oil Exports Reached Highest Level Since the Start of the War
