Middle East Oil Exports Recover Despite Tanker Attacks

Middle East crude oil exports have shown remarkable resilience, surpassing prewar levels for nearly half of September despite ongoing attacks on tankers and infrastructure. Provisional data from ship-tracking firm Kpler, reported by Reuters, revealed that regional crude exports exceeded prewar volumes for 14 days in September. The seven-day moving average peaked at 18.3 million barrels per day on Sept. 30, highlighting the region's robust export capacity.

The increased export volumes were achieved despite continued disruptions. The Liberian-flagged tanker Lipsi was struck by an unknown projectile in the Strait of Hormuz on Sunday, damaging its engine room. Another tanker, Kuwait’s Kazimah III, was hit in the same strait on Oct. 1, causing a fire. Fortunately, all crew members were reported safe in both incidents.

The figures include shipments through the Strait of Hormuz, the Red Sea, and exports from terminals and ship-to-ship transfers in the Gulf of Oman. However, the recovery of export levels remains threatened by recent attacks on tankers and conflicting reports about a fresh attack on Saudi Arabia’s East-West Pipeline. These incidents underscore the fragility of the region’s export recovery amidst ongoing geopolitical tensions.