Recovery of Oil Exports from the Middle East in September
Agencies2 min read
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Data from Kepler on Monday showed that crude oil exports from major producing countries in the Middle East recovered in September to reach 12.8 million barrels per day, the highest level since the outbreak of the US-Israeli war on Iran in February, as Saudi Arabia and the UAE increased their exports.
The preliminary data revealed that this recovery came following the recovery of exports through the Strait of Hormuz, which were expected to reach about 7.4 million barrels per day this month, as Saudi Arabia shifted its oil exports from the port of Yanbu on the Red Sea following attacks that damaged the east-west pipeline.
According to Kepler data, despite the recovery of exports from the region, which includes Saudi Arabia, the UAE, Iraq, Oman, Qatar, Kuwait, and Iran, they are still about six million barrels per day less than the level of 18.8 million barrels per day in February.
The data showed that Saudi Arabia, the largest exporter in the region, is on track to ship about 5.4 million barrels per day this month, compared to 2.446 million barrels per day in August.
According to the data, shipments in September from the Ras Tanura port in the Gulf jumped to about 3.6 million barrels per day, compared to 929,000 barrels per day in August, but are still below the level of 6.411 million barrels per day recorded in February.
Kepler data showed that a total of 19 giant oil tankers, each carrying two million barrels of Saudi oil, left the Strait of Hormuz last week.
These figures exclude any ships that may have crossed the Strait with the automatic identification system's transmitters and receivers turned off to avoid detection.
Before the outbreak of the war with Iran on February 28, the Strait typically received about 125 large commercial ships per day, including oil and gas tankers, bulk cargo ships, and container ships, representing about 20 percent of the global daily supplies of crude oil and liquefied natural gas.
