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

Crude oil exports from key Middle Eastern producers surged in September, reaching a record high of 12.8 million barrels per day, according to data from Kpler. This marked the highest level since the US-Israeli war with Iran began in February. The increase was primarily driven by Saudi Arabia and the United Arab Emirates, who boosted their exports.

The rebound came after a recovery in exports through the Strait of Hormuz, which had been expected to reach around 7.4 million barrels per day by the end of September. Saudi Arabia played a significant role in this surge, diverting oil shipments from the Red Sea port of Yanbu following attacks that damaged its East-West pipeline. As a result, Saudi Arabia was on track to ship about 5.4 million barrels per day this month, a significant rebound from 2.446 million barrels per day in August.

September saw 19 very large crude carriers, each carrying two million barrels of Saudi oil, exiting the Strait of Hormuz. The data excludes vessels that may have crossed the strait without their Automatic Identification System transponders turned on. Prior to the Iran war, the strait typically handled about 125 large commercial vessels per day, which accounted for approximately 20% of the world's daily crude oil and liquefied natural gas supply.