Middle East Oil Exports Exceed Pre-War Levels
Middle East crude exports surpassed pre-war levels for part of September as Saudi Arabia ramped up shipments. However, rising tanker attacks in the Strait of Hormuz threaten to disrupt the sustained flow of oil.
Middle East crude exports hit 18.3 million barrels per day on September 30, topping pre-war levels for half of September. The recovery comes as Saudi Arabia ramps up shipments to regain market share, according to shipping data. However, escalating tanker attacks in the Strait of Hormuz threaten to disrupt the sustained flow of Brent Crude Oil and Natural Gas heading into the fourth quarter.
Provisional data from Kpler showed export volumes exceeded pre-war averages on 14 days during September, recovering from disruptions tied to the conflict involving United States and Israel against Iran that began on February 28. Vortexa reported a 14-day moving average of 18.6 million barrels per day, surpassing the 10-year seasonal norm.
