Middle East Crude Exports Rebound to Pre-War Levels, But Gaps Remain

Middle Eastern major oil producers' crude exports have recovered to 12.8 million barrels per day in September, reaching their highest level since the US and Israel began their war with Iran in February.

The data was published by energy research firm Kpler on the 28th of the month, showing Saudi Arabia and the United Arab Emirates significantly increasing shipments. The primary driver of this recovery is the resumption of exports through the Strait of Hormuz, which are expected to reach approximately 7.4 million barrels per day in September.

Saudi Arabia has shifted its export loadings from the Red Sea port of Yanbu to the Persian Gulf side after damage was sustained by the East-West Pipeline from attacks. This switch has boosted traffic through the Strait of Hormuz, but overall exports from the Middle East region remain well below pre-war levels.

The recovery can be described as only halfway complete, with combined September exports from major producers in the region still 6 million barrels per day below the 18.8 million barrels recorded in February.