Mideast oil exports rebound in September as Saudi Arabia boosts shipments

Middle East crude oil exports surged in September, reaching a record high of 16.328 million barrels per day, according to data from Kpler. This marked an all-time high since the US-Israeli war on Iran began in late February. The recovery was driven by Saudi Arabia and the United Arab Emirates increasing their exports. The hike came after a recovery in exports through the Strait of Hormuz, which was expected to hit around 9.719 million bpd this month.

Saudi Arabia redirected its oil shipments from the Red Sea port following attacks on its East-West pipeline. While global exports have rebounded, they remain about 3.2 million bpd below the 19.513 million bpd shipped in February. The data includes cargo transfers via the Strait of Hormuz, ship-to-ship transfers in the Gulf of Oman, UAE's Fujairah and Oman terminals, and exports via the Red Sea.

Saudi Arabia is projected to ship about 5.4 million bpd this month, up from 2.446 million bpd in August. September exports from Saudi Arabia's Ras Tanura port in the Gulf rose to about 3.25 million bpd, a significant increase from 929,000 bpd in August, but still below the February peak of 6.411 million bpd. Kpler estimates Middle East crude exports at just under 80% of pre-conflict levels.

The figures exclude vessels that crossed the Strait of Hormuz without their Automatic Identification System transponders turned on to avoid detection. Prior to the Iran war starting on February 28, the strait typically handled about 125 large commercial vessels daily, accounting for around 20% of the world's daily crude oil and liquefied natural gas supply.