Oil prices fall as Middle East exports rise, G7 draws on reserves
Oil prices declined Monday after increased Middle East exports and G7 reserve withdrawals boosted global supply.
Middle East crude oil exports surpassed their levels prior to the US-Iran war during the final week of September, according to data from ship-tracking firm Kpler. Despite attacks on vessels traversing the Strait of Hormuz, exports on September 24 and between September 27 and 29 averaged 18 million barrels per day (bpd). Specific figures ranged from 19.5 million bpd to 22.5 million bpd.
This marked the first time since March 2025 that Middle East crude exports exceeded pre-war levels. West Texas Intermediate (WTI) oil prices dropped 1.23% on the day, closing at $89.25. WTI, a high-quality crude, is a benchmark for the global oil market and is traded primarily in US dollars. The value of the US Dollar, geopolitical tensions, OPEC decisions, and changes in oil inventories all play significant roles in determining WTI oil prices.
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