Mideast oil exports rebound in September as Saudi Arabia boosts shipments
Saudi and Emirati shipments offset Red Sea disruptions as Kpler said regional exports climbed to 12.8 million barrels per day, the highest since February.
- Saudi crude exports surged nearly 80% in September compared to August, reaching 6 million barrels per day, the highest level since the Iran war began in February.
- The East-West pipeline, which transports about 4% of global oil supplies, closed earlier this month following a drone attack launched from Iraq during the Iran war.
- Industry sources confirmed the East-West pipeline restarted at low volumes earlier this week and is ramping up. Saudi Aramco CEO Amin Nasser told Nikkei on Thursday that "temporary interruptions" to oil infrastructure last "usually for days, not weeks."
- Brent crude dropped 1.81% and West Texas Intermediate fell 2.07% on Friday as investor confidence grew that the outage was less disruptive than feared. Prices had jumped to nearly $110 per barrel when the pipeline initially shut.
- Elsewhere, Iranian Foreign Minister Abbas Araghchi said the Strait of Hormuz will reopen within seven days if the U.S. meets "certain conditions." Saudi Arabia continues navigating threats from Iran-backed Houthi rebels in the Red Sea.
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87 Articles
Middle Eastern Oil Exports Improve to Best Since February, Crude Oil Prices Drop
Crude oil exports from the Middle East region climbed to 12.8 million barrels a day, reaching their highest level since February. As attacks on regional energy infrastructure have subsided and Saudi Arabia’s East-West Pipeline has resumed operations, oil markets are seeing significant relief.
Tehran’s ability to cut oil flow through Ormuz and use it as a currency against the US is crumbling
Oil exports from key Middle Eastern exporters rose to 16.33 million barrels per day in September, the most since the US-Israeli war with Iran broke out in late February. Saudi Arabia and the United Arab Emirates were the main contributors to the increase, according to data from analyst firm Kpler. Despite this, global oil prices have risen in recent days in response to US President Donald Trump's rejection of an Iranian peace plan.
Iran's blockade of oil flows from the Persian Gulf is easing. Exports from the region have reached 80 percent of pre-war levels, according to The Wall Street Journal. Experts say this increases the risk of Tehran resorting to military escalation.
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