Mideast oil exports rebound in September as Saudi Arabia boosts shipments
Saudi shipments jumped to 2.58 million barrels a day through Hormuz as pipeline damage pushed more crude back into the contested waterway.
- 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.
153 Articles
153 Articles
Oil Is Flowing From Hormuz Again—Just Not Diesel
“Ships are ferrying almost as much crude oil out of the Strait of Hormuz as they were before the Iran war. But they are barely moving any barrels of the fuel the world needs most: diesel,” the Wall Street Journal reports. “For now, the distinction is paramount in American politics. President Trump’s team has explored […]
The Wall Street Journal reports that crude oil is once again moving through the Strait of Hormuz, but the world is still facing a severe diesel shortage. As a result, the recovery in oil exports has failed to bring down fuel prices.
Despite daily attacks, more tankers pass the road of Hormuz again. Washington celebrates this as a success. But appearances are deceptive: crude oil prices remain high, and Tehran has not played all the cards yet.
Exports of oil from the Gulf, outside Iran, have returned to pre-war levels. Yet, for motorists, fuelling is always very expensive. How can this shift be explained? In the Strait of Ormuz, attacks continue, and transportation and insurance are expensive. If oil circulates more, petrol and diesel are still missing.
Increase in Hormuz oil traffic is papering over a darker reality
Reports that more oil is getting through the Strait of Hormuz have been heralded as a win for the Trump administration, but experts say this kind of happy talk hides the fact that the war remains in a quagmire. As shipping costs rise and Iran continues to attack vessels, world markets — including fuel — will remain in peril for the foreseeable future.In other words, no matter how much narrative-shaping is attempted to alter American perspectives…
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