Mideast oil exports rebound in September as Saudi Arabia boosts shipments

Middle East crude oil exports surged in September to a record high for the region, as Saudi Arabia and the UAE ramped up shipments following attacks that crippled their oil pipelines. According to data from Kpler, global crude oil exports from key Middle East producers reached 16.328 million barrels per day (bpd) in September, the highest level since Iran launched its war on Israel in late February.

The rebound in exports was driven by Saudi Arabia's diversion of oil from the Red Sea port of Yanbu after attacks damaged its East-West pipeline. This move came as exports from the Strait of Hormuz, a critical chokepoint for Middle East oil, recovered to around 9.719 million bpd in September. The improved flow through the strait included ship-to-ship transfers in the Gulf of Oman, shipments from the UAE's Fujairah terminal, and exports via the Red Sea.

While the September figures represent significant progress, they still fall short of pre-conflict levels, with Kpler estimating Middle East crude exports at just under 80% of February 2020 levels. Saudi Arabia, the top regional exporter, shipped about 5.4 million bpd in September, up from 2.446 million bpd in August. The country's Ras Tanura port in the Gulf saw a notable increase in shipments to 3.25 million bpd, compared to just 929,000 bpd in August.

The data, however, exclude vessels that may have crossed the Strait of Hormuz with their Automatic Identification System transponders turned off to evade detection. Prior to the Iran war, the strait typically accommodated about 125 large commercial vessels per day, contributing to roughly 20% of the world's daily crude oil and liquefied natural gas supply.