Gulf Oil Exports Remain Steady Amid Ongoing Regional Conflict

Crude oil and condensate exports from the Gulf region remained relatively stable in July at around 10.7 million barrels per day, despite ongoing regional conflict.

This marks a slight decrease compared to June, when exports rebounded to over 10 million bbl/d after improving security around the Strait of Hormuz.

However, shipments are still approximately 40% below pre-US-Iran-war levels, highlighting the lasting impact of regional conflict on global energy flows.

The stability in exports eased concerns over a deeper supply disruption, but export volumes weakened during the second half of July as fighting between Iran and the US-Israel coalition intensified.