Saudi oil exports to reach their second-highest level since outbreak of Iran-US war

Saudi oil exports are set to reach their second-highest monthly level since the onset of the Iran-US conflict, according to Kpler's tracking data. From October 1 to 15, the Kingdom's average oil shipments reached 5.55 million barrels per day (bpd), falling short of September's record-high 7.16 million bpd. February marked the highest monthly average at 7.33 million bpd.

Ras Tanura port, located on the Arabian Gulf, saw an average export of 2.98 million bpd in the first half of October, a decline from 4.16 million bpd in September. Meanwhile, Yanbu port on the Red Sea recorded an average export of 2.34 million bpd, down from 2.54 million bpd in the same period. Other unspecified loading ports contributed an additional 229,000 bpd.

The data underscores Saudi Aramco's adaptability in managing oil export routes, redirecting shipments between the Arabian Gulf and the Red Sea via the East-West pipeline that links the Eastern Province to Yanbu. Ras Tanura exports ceased entirely in April and May, making Yanbu the sole port for Saudi oil shipments. However, Yanbu's exports peaked in June at 4.29 million bpd, representing nearly 93 percent of total exports, compared to 815,000 bpd in February.

Aramco resumed boosting exports through Ras Tanura following drone attacks on the East-West pipeline from Iraq in September. At that time, Ras Tanura's exports nearly doubled those of Yanbu.