Middle East Oil Exports Recover to Pre-War Levels Despite Hormuz Attacks
Middle East oil exports, excluding Iran, have surpassed pre-war levels, reaching an average of 18 million barrels per day last week. This resurgence comes despite ongoing attacks in the Strait of Hormuz, according to data from maritime tracking firm Kpler. In September alone, at least 16.5 million barrels of crude oil left the region excluding Iran, marking a significant recovery.
Kpler reported that 40% of oil exports now bypass the Strait of Hormuz, with most crude crossing the strait being transferred to different tankers offshore. The majority of the oil flow is being redirected through pipelines in Saudi Arabia and the United Arab Emirates. The Red Sea has become a crucial alternative route to avoid Iran's attempted blockade on Hormuz, which historically handled around a fifth of the world's petroleum supplies.
Despite the rebound, experts caution that the situation remains far from normal. Iran continues to claim control over the strait, and ships operating without its authorization risk attacks. Additionally, Iran's own exports are significantly restricted by a U.S. counterblockade on its ports. Saudi Arabia and the UAE have benefited from reactivating pipelines that allow them to bypass Hormuz, with Saudi's East, West pipeline resuming operations on September 22 after being shut down due to strikes launched from Iraq on September 11.