Gulf Oil Exports Remain Steady But Below Pre-War Levels in July

Gulf countries' crude oil and condensate exports remained steady in July but continued to lag behind pre-war levels, averaging just 10.7 million barrels per day (bpd) despite a 2% increase from June.

The relative stability has eased concerns about a sharper supply disruption and offset the drawdown in global oil inventories, but tanker traffic through key Middle Eastern waterways remains below pre-war levels.

Iraq doubled its exports from June, driving the increase alongside higher flows from Kuwait and Iran, while shipments from Saudi Arabia and the UAE declined.