Middle East oil exports rebound to 12.8 million bpd in September

  • Saudi Arabia and the UAE helped Middle East producers raise crude exports in September.
  • 12.8 million bpd marked the region's highest exports since February.
  • Nineteen very large crude carriers left the Strait of Hormuz last week.

Crude oil exports from Saudi Arabia, the United Arab Emirates, Iraq, Oman, Qatar, Kuwait and Iran rebounded to 12.8 million barrels per day in September, their highest level since the US-Israeli war with Iran started in February, Kpler data showed. Exports through the Strait of Hormuz (strategic oil-shipping passage) were set to reach about 7.4 million bpd, helped by Saudi Arabia diverting shipments from Yanbu after attacks damaged its East-West pipeline. Regional exports remained about 6 million bpd below February's 18.8 million bpd. Saudi Arabia was on track to export about 5.4 million bpd, up from 2.446 million bpd in August, while shipments from Ras Tanura rose to about 3.6 million bpd from 929,000 bpd. Nineteen very large crude carriers (oil tankers carrying massive cargoes), each loaded with 2 million barrels of Saudi oil, left the strait during the previous week. The figures exclude vessels that may have switched off their Automatic Identification System transponders to avoid detection. Before the war began on February 28, the strait typically handled about 125 large commercial vessels daily and carried roughly 20% of the world's daily crude oil and liquefied natural gas supply.

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