Iraq Drives Gulf Oil Export Recovery in September

Iraq played a key role in the recent rebound of Gulf oil exports, with a notable increase in its crude oil shipments. In September, the country's southern crude exports climbed to approximately 2.6 million barrels per day (bpd), up from 2.35 million bpd in August, according to shipping data referenced by Reuters. This rise contributed to a broader recovery in Gulf exports, which saw a significant boost across several major producers.

Data from Kpler highlighted that Iraq, along with Saudi Arabia and the United Arab Emirates, led the increase in crude and condensate exports last month. Combined exports from Iraq, Saudi Arabia, the UAE, Oman, Kuwait, Qatar, and Iran reached about 14.7 million bpd in September, a substantial rise from 10.8 million bpd in August. Saudi Arabia saw the largest increase, with shipments hitting 6.6 million bpd, while higher exports from Iraq and the UAE helped compensate for declines from Kuwait and Qatar, as well as the halt in Iranian shipments.

Vortexa data revealed that crude and condensate flows from Gulf producers, excluding Iran, recovered to 91% of their pre-war level of 16.3 million bpd. However, the recovery in refined products has lagged behind, with fuel and liquefied petroleum gas exports remaining at about 60% of pre-war levels. This disparity indicates a partial recovery in the region's energy flows, with crude shipments leading the way.