Mideast oil exports rebound in September as Saudi Arabia boosts shipments

In September, crude oil exports from the Middle East surged to 12.8 million barrels per day, a record high since the US-Israeli conflict with Iran began in February, according to data from Kpler. The increase was primarily driven by Saudi Arabia and the United Arab Emirates lifting their export volumes. Exports through the Strait of Hormuz, which had reached approximately 7.4 million barrels per day, began to recover as Saudi Arabia redirected oil shipments from the Red Sea port of Yanbu due to pipeline attacks.

While the region's oil exports have improved, they are still about 6 million barrels per day lower than the 18.8 million barrels per day recorded in February. Saudi Arabia, the top exporter, is projected to ship around 5.4 million barrels per day in September, up from 2.446 million barrels per day in August. The Ras Tanura port's September shipments jumped to around 3.6 million barrels per day, but remain below the 6.411 million barrels per day shipped in February.

A total of 19 very large crude carriers, each transporting 2 million barrels of Saudi oil, navigated through the Strait of Hormuz last week, data from Kpler revealed. The figures do not include vessels that may have crossed the strait with their Automatic Identification System transponders turned off to evade detection. Prior to the Iran war starting on February 28, the strait typically accommodated about 125 large commercial vessels per day, contributing to about 20% of the world's daily crude oil and liquefied natural gas supply.