Crude oil exports from major Middle Eastern producers reached 12.8 million barrels per day in September 2023. This amount is considered the highest since the beginning of the war between the United States and Israel with the Islamic Republic in March of last year.
Increase in Oil Exports from the Strait of Hormuz
According to preliminary data from Kepler, this increase in exports occurred after improvements in conditions in the Strait of Hormuz. Exports from this strait reached about 7.4 million barrels per day this month. The improvement in exports indicates that oil-producing countries in the Middle East have been able to increase their capacity.
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Change in Saudi Arabia's Export Route
Saudi Arabia, as the largest oil producer in the region, has decided to shift its exports from the port of Yanbu on the Red Sea to the Gulf route. This decision was made following attacks that damaged the east-west pipeline. Despite this change, Saudi exports this month reached about 5.4 million barrels per day, a significant increase compared to 2.446 million barrels in August.
Oil exports from the port of Ras Tanura in the Gulf also surged from 929,000 barrels in August to about 3.6 million barrels per day. However, this amount is still less than the 6.411 million barrels in March 2023.
Increase in the Number of Tankers
Last week, 19 supertankers, each carrying two million barrels of Saudi oil, exited the Strait of Hormuz. These figures do not include vessels that passed through the strait with their transponders turned off. Before the war began on March 1, about 125 large commercial vessels passed through the Strait of Hormuz daily, transporting about 20% of the world's daily crude oil and liquefied gas supply.
Overall, despite a relative improvement in Middle Eastern oil exports, the region's exports, which include Saudi Arabia, the UAE, Iraq, Oman, Qatar, Kuwait, and Iran, remain about six million barrels per day less than the 18.8 million barrels in March. This indicates the ongoing impacts of the war and sanctions on the oil market in this region.
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