Middle East Oil Exports Surpass Pre-War Levels Despite Hormuz Tensions

Middle East oil exports, excluding Iran, have surpassed pre-war levels for the first time since the US and Israel launched their offensive against Iran in late February. According to data from maritime tracking firm Kpler, weekly shipments averaged above the pre-conflict level of 18 million barrels per day last week. Crude oil exports reached at least 16.5 million barrels daily in September, marking a significant rebound despite ongoing attacks in the Strait of Hormuz.

Saudi Arabia and the United Arab Emirates are mitigating the impact of the Hormuz blockade by utilizing alternative routes. Saudi Arabia has reactivated its East, West pipeline, which connects eastern oil fields to the Yanbu terminal on the Red Sea, allowing shipments to bypass Hormuz. Similarly, the UAE's pipeline from Abu Dhabi to Fujairah enables it to avoid the strait. Kpler noted that 40 percent of oil now bypasses Hormuz, with most crude changing tankers offshore.

Despite the rebound, experts caution that the situation remains far from normal. Iran continues to claim control over the Strait of Hormuz, and ships without its authorization risk attacks. Additionally, Iran's own exports are significantly curtailed by a US counterblockade of its ports. Meanwhile, oil prices have dipped, with Brent North Sea crude for December delivery falling 0.79 percent to $101.44 a barrel, and West Texas Intermediate for November delivery dropping 1.20 percent to $90.02.