Middle East oil exports rebound in September as Saudi Arabia boosts shipments

Crude oil exports from Middle East producers surged in September to a record 12.8 million barrels per day, according to data from Kpler. This marked the highest level since the US-Israeli conflict with Iran began in February. The increase was primarily driven by Saudi Arabia and the United Arab Emirates enhancing their exports. Following a recovery in exports through the Strait of Hormuz, the region's crude shipments reached approximately 7.4 million barrels per day this month.

This was largely due to Saudi Arabia rerouting oil shipments from the Red Sea port of Yanbu after attacks damaged its East-West pipeline. Overall, while Middle East oil exports have rebounded, they remain about 6 million barrels per day below the 18.8 million barrels per day recorded in February, 2022. Saudi Arabia was projected to ship around 5.4 million barrels per day in September, a significant jump from 2.446 million barrels per day in August.

The Ras Tanura port in the Gulf saw shipments increase to about 3.6 million barrels per day, from just 929,000 barrels per day in August. However, these figures still lag behind the 6.4 million barrels per day shipped in February. The data also noted that 19 very large crude carriers, each carrying 2 million barrels of Saudi oil, passed through the Strait of Hormuz last week.

The figures exclude vessels that might have crossed the strait with their Automatic Identification System transponders turned off to evade detection. Prior to the Iran war starting on February 28, 2020, the Strait of Hormuz typically accommodated about 125 large commercial vessels per day, accounting for roughly 20% of the world's daily crude oil and liquefied natural gas supply.