Middle Eastern Crude Exports Soar to Six-Month High Amid Oil Price Surge

Crude oil exports from leading Middle Eastern producers rose to 12.8 million barrels per day in September, marking the highest recorded level since February's war outbreak. According to Kpler data, this increase was driven by higher shipments from Saudi Arabia and the United Arab Emirates (UAE).

Saudi Arabia redirected some of its oil exports from the Red Sea port of Yanbu to the eastern port of Ras Tanura after attacks on the East-West oil pipeline damaged the facility. Oil flows through the Strait of Hormuz are expected to reach around 7.4 million barrels per day this month.

The upcoming OPEC+ meeting, scheduled for October 4, will focus attention in the energy market. The group includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, which decided at its September 6 meeting to keep production targets for October at the same level as in September.