Middle East Oil Exports Rebound to Pre-Conflict Levels

Crude oil exports from major Middle Eastern producers have rebounded to their highest level since the US-Israeli conflict with Iran began in February, according to preliminary Kpler data. The region's combined crude exports reached about 12.8 million barrels per day in September, up from a lower level earlier this year.

The increase is largely due to Saudi Arabia and the United Arab Emirates increasing shipments, as well as improved flows through the Strait of Hormuz. This waterway is crucial for global energy markets, handling about 20% of the world's daily crude oil and liquefied natural gas supply. Before the conflict began on February 28, about 125 large commercial vessels passed through the Strait each day.

Saudi Arabia's exports have risen significantly, with the kingdom set to export around 5.4 million barrels per day in September, up from 2.446 million barrels per day in August. This increase is largely due to shipments from the Ras Tanura port, which rose to about 3.6 million barrels per day.