Middle East Crude Exports Plunge by 39% Amid Global Supply Disruptions

Crude oil exports from the Middle East plummeted by 39% in August compared to the January-February baseline of 18.5 million barrels per day (mbpd), according to TankerTrackers.

The firm, which tracks oil shipments, found that Saudi Arabia, Iraq, Iran, Kuwait, Oman, the UAE, and Qatar all saw a significant decline in exports during this period.

The sharpest drop was recorded in May, when crude oil exports fell 67% below pre-war levels. The current deficit has narrowed to 7.2 mbpd from 12.4 mbpd in May.