Mideast oil exports rebound in September as Saudi Arabia boosts shipments
Saudi Arabia and the UAE boosted shipments as rerouting and ship-to-ship transfers lifted regional flows to 12.8 million barrels a day, Kpler said.
- 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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134 Articles
Crude oil exports from the Middle East in September recovered to over 80% of pre-US-Iran war levels. This is due to an increase in oil tankers passing through the Strait of Hormuz to avoid the Iranian blockade. On the 30th (local time), Al Jazeera reported, citing the energy and shipping data platform Kepler, that crude oil exports from Middle Eastern countries in September [daily average]
Oil supplies from the Gulf region are recovering rapidly and are nearly back to pre-US-Iran war levels. This is entirely due to the alternative routes that have been established in recent years. However, we should not count on oil prices returning to pre-February levels anytime soon, says oil and gas expert Ronald de Zoete.
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