Hormuz Closures Wreak Havoc on Middle East Oil Exports

The Middle Eastern Gulf region, home to top oil exporter Saudi Arabia and other major producers, has seen its daily oil exports drop by at least 60% in the week to March 15 compared to February due to disruptions and output cuts amid the U.S.-Iran conflict. The effective closure of the Strait of Hormuz has forced exporters to cancel shipments and shut production at oilfields.

Data from Kpler shows that crude, condensate, and refined fuels exports from eight Middle Eastern countries, Saudi Arabia, Kuwait, Iran, Iraq, Oman, Qatar, Bahrain, and the United Arab Emirates, averaged 9.71 million barrels per day in the week to March 15, down 61% from February's 25.13 million bpd.

Vortexa data shows an even more dramatic drop, with exports from the eight countries last week reaching 7.5 million bpd, down 71% from February's 26.1 million bpd. Prior to the war, the eight countries accounted for 36% of global seaborne oil exports of 70.43 million bpd.