Middle East Crude Exports Soar to Highest Level Since February

Crude oil exports from leading Middle Eastern producers have surged to their highest level since February, according to data from Kpler. In September, shipments rose to 12.8 million barrels per day, driven by increased volumes from Saudi Arabia and the United Arab Emirates (UAE). This increase coincides with the resumption of oil shipments through the Strait of Hormuz, which are expected to reach around 7.4 million barrels per day this month.

The rise in exports has also led to an uptick in oil prices. Brent crude futures rose $1.32, or 1.27 percent, to $105.64 a barrel by 0036 GMT, while U.S. West Texas Intermediate crude gained 70 cents, or 0.76 percent, to $93.11 a barrel.

The increase in oil exports has come despite the ongoing tensions in the region. Saudi Arabia redirected some of its oil exports from the Red Sea port of Yanbu to the eastern port of Ras Tanura after attacks on the East-West oil pipeline damaged the facility.