Middle East Oil Exports Rebound as Strait of Hormuz Traffic Grows

Crude oil exports from key Middle East producers have rebounded to their highest level since February, according to data from trade intelligence platform Kpler. The region's top exporter, Saudi Arabia, was on track to ship about 5.4 million barrels per day (bpd) this month, up from 2.446 million bpd in August.

The recovery in energy flow via the Strait of Hormuz played a big role in the rebound. A total of 19 huge crude carriers, carrying 2 million barrels of Saudi oil each, exited the strait last week. The Strait of Hormuz is a strategically important waterway that handles about 20% of the world's daily crude oil and liquefied natural gas (LNG) supply.

LNG traffic through the Strait has also gained momentum, with more vessels associated with QatarEnergy transiting through the maritime chokehold last week. Two Qatari-linked LNG vessels, Mesaimeer and Al Ghashamiya, left the Gulf with cargoes from Ras Laffan.