Middle East Oil Exports Plummet Amid US-Iran War

The Middle East's oil exports have plummeted by at least 60% in the week leading up to March 15 compared to February, according to shipping data and Reuters calculations. This drastic drop is due to disruptions and output cuts amid the ongoing US-Iran war.

The effective closure of the Strait of Hormuz has forced exporters to cancel shipments and shut production at oil fields, creating the world's largest supply disruption ever recorded. Crude oil prices have surged to their highest in four years, while some fuel prices have reached record highs.

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 leading up to March 15, down 61% from February's 25.13 million bpd.

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