Persian Gulf Oil Exports Near Pre-War Levels as Saudi Arabia Boosts Shipments

Oil exports from the Persian Gulf, excluding Iran, rebounded to 81% of pre-war levels in September. The region's countries, Saudi Arabia, Kuwait, Qatar, Oman, Bahrain, Iraq, and the United Arab Emirates, shipped an average of 19.2 million barrels of oil and petroleum products per day. This marks a significant recovery from the disruption caused by the conflict around Iran, which saw exports from those nations drop to 23.6 million barrels daily before the war began.

Saudi Arabia led the recovery, boosting its exports by 4.2 million barrels per day to reach 6.6 million. This increase offset declines in supplies from Iran, Kuwait, and Qatar. Iran's exports plummeted to zero due to an American blockade. Crude oil and condensate exports have now recovered to 91% of pre-war levels, but refined fuel exports, including liquefied gas, lag behind at just 60%.

The global deficit in diesel and jet fuel has worsened, driving prices to record or near-record highs in some markets. To avoid Iranian attacks, tankers are increasingly using "dark voyages", switching off tracking systems to navigate undetected. Analyst Claire Jungman from Vortexa noted that supply volumes remain volatile, raising questions about whether current levels can be sustained.