Mid-East oil exports exceeded pre-Iran war levels: Kpler data
Crude oil exports reached pre-war levels in September.
Middle East oil exports, excluding Iran, have risen above pre-war levels, surpassing the pre-conflict average of 18 million barrels per day, according to data from maritime tracking firm Kpler. This surge occurred even as ships faced attacks in the Strait of Hormuz, following the US and Israel's offensive against Iran at the end of February.
In September, crude oil exports reached pre-war levels, with at least 16.5 million barrels leaving the region, excluding Iran, Kpler reported on September 30. The majority of this oil now bypasses Hormuz, with most of it flowing through pipelines in Saudi Arabia and the United Arab Emirates. A growing share of the oil also travels through the Red Sea, a route increasingly utilized to circumvent the blockade Iran is attempting to impose on Hormuz.
Despite the increase, experts highlight that Iran remains deprived of a significant portion of its exports due to a US counterblockade on its ports. Saudi Arabia benefits from the reactivation of its East-West pipeline, which links its eastern oil fields to the Yanbu terminal on the Red Sea, enabling it to bypass Hormuz. Similarly, the United Arab Emirates bypasses Hormuz via its pipeline connecting Abu Dhabi's fields to Fujairah, a terminal near the Gulf of Oman.
On October 5, Brent North Sea crude for December delivery fell 0.79% to $101.44 a barrel, while its US counterpart, West Texas Intermediate for November delivery, dropped 1.2% to $90.02.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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