Middle East Oil Exports Rebound to Pre-War Levels

Crude oil exports from key Middle East producers rebounded in September to 12.8 million barrels per day, their highest level since the US-Israeli war with Iran started in February. This recovery comes after a significant drop in exports following attacks on Saudi Arabian infrastructure.

The rebound was largely driven by increased shipments from Saudi Arabia and the United Arab Emirates. In particular, Saudi Arabia's oil exports were set to hit around 5.4 million barrels per day this month, up from just 2.446 million in August.

Another significant factor was the recovery of exports via the Strait of Hormuz, which were expected to reach about 7.4 million barrels per day this month. This is due to Saudi Arabia diverting oil shipments from the Red Sea port of Yanbu following attacks on its East-West pipeline.