Gulf Oil Exports Remain Stable, But Below Pre-Conflict Levels

Oil exports from the Gulf region remained stable in July, but at levels below pre-conflict levels. According to data from maritime intelligence firm Kpler, combined exports from Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, and Iran averaged 10.7 million barrels per day in July, a 2% increase from June.

Iraq led the increase in crude oil shipments by doubling its exports compared to June, with nine additional shipments transported on VLCC supertankers. Saudi Arabia and the United Arab Emirates registered declines in their shipments during this period.

The stability of oil exports has eased concerns about a more severe disruption to the global oil supply, but regional security limits maritime traffic across strategic routes such as the Strait of Hormuz and the Bab el-Mandeb Strait. The International Maritime Organization reported 14 incidents on these routes in July, up from eight in June.