Middle East Oil Exports Rebound as Saudi Arabia Boosts Shipments
Middle East oil exports have rebounded in September to 16.328 million barrels per day (bpd), according to data from Kpler, after a recovery in exports via the Strait of Hormuz.
This marks the highest level since the US-Israeli war on Iran started in late February and is attributed to Saudi Arabia's diversion of oil exports from the Red Sea port of Yanbu following attacks that damaged its East-West pipeline.
The rebound came despite a decrease of 3.2 million bpd from February's 19.513 million bpd, with Kpler estimating Middle East crude exports at just under 80% of pre-conflict levels.
Saudi Arabia is on track to ship about 5.4 million bpd this month, rebounding from 2.446 million bpd in August, while September shipments from Saudi Arabia's Ras Tanura port in the Gulf jumped to about 3.25 million bpd.