Middle East Oil Exports Recover After War-Induced Slump
Crude oil exports from key Middle Eastern producers have rebounded to their highest level since the US-Israeli war with Iran began in February. According to preliminary data from Kpler, these exports reached 12.8 million barrels per day (bpd) in September.
The recovery was driven by increased shipments from Saudi Arabia and the United Arab Emirates, as oil flows through the Strait of Hormuz recovered. Exports through this strategic waterway are expected to reach about 7.4 million bpd this month, according to Reuters.
Saudi Arabia is on track to export about 5.4 million bpd in September, a sharp increase from 2.446 million bpd in August. Shipments from the kingdom's Ras Tanura port also rose to about 3.6 million bpd, compared with 929,000 bpd in August.
Despite the recovery, oil exports from the region remain about 6 million bpd below the 18.8 million bpd recorded in February.