Mideast oil exports rebound in September as Saudi Arabia boosts shipments

Mideast oil exports surged in September, reaching a peak of 12.8 million barrels per day, surpassing the levels seen since the US-Israeli conflict with Iran began in February, according to data from Kpler. Saudi Arabia and the United Arab Emirates led the increase in shipments. The rebound was attributed to a rise in exports through the Strait of Hormuz, which was projected to reach approximately 7.4 million barrels per day.

Saudi Arabia redirected its oil exports via the Red Sea port of Yanbu following attacks that damaged its East-West pipeline. While overall exports from the region, which comprises Saudi Arabia, the United Arab Emirates, Iraq, Oman, Qatar, Kuwait, and Iran, have recovered, they remain 6 million barrels per day below the 18.8 million barrels per day recorded in February.

Saudi Arabia's monthly shipments, which were at 2.446 million barrels per day in August, have rebounded to about 5.4 million barrels per day. September saw Ras Tanura port exporting around 3.6 million barrels per day, up from 929,000 barrels per day in August. However, these figures still lag behind the 6.411 million barrels per day recorded in February.

The data exclude vessels that may have entered the strait with their Automatic Identification System transponders deactivated to evade detection. Prior to the Iran war commencing on February 28, the strait typically accommodated around 125 large commercial vessels daily, contributing to about 20% of the global daily crude oil and liquefied natural gas supply.