Middle East Oil Exports Soar as Iran Shows Restraint

Crude oil exports from Middle Eastern countries have seen a significant improvement to 12.8 million barrels per day in September, according to Reuters. This is the highest daily volume since February, just before the US-Iran war began.

The increase in oil exports has led to a drop in crude oil prices. Future contracts for American-produced WTI oil fell as low as $90.42 a barrel on Tuesday, 29 September, while British-produced Brent crude oil went down to $103.22 a barrel.

These prices are far from the 'apocalyptic' levels seen in mid-September when Iran-backed terrorist groups damaged Saudi oil pipelines. Then, WTI traded as high as $105.8 and Brent traded as high as $109 a barrel.

The improvement in oil exports is attributed to Tehran showing restraint in the war against the US and its allies. In a meeting between Chinese Foreign Minister Wang Yi and Iranian counterpart Abbas Araghchi, Yi urged Iran to 'show restraint' in the conflict.