Preliminary data from Kpler showed that crude oil exports from major Middle Eastern producers rose to 12.8 million barrels per day in September, the highest level since the outbreak of the US-Israeli war on Iran last February, driven by increased exports from Saudi Arabia and the United Arab Emirates and a recovery in shipments through the Strait of Hormuz.
Exports Through the Strait of Hormuz Recover
The data showed that exports through the Strait of Hormuz were expected to reach about 7.4 million barrels per day this month, after Saudi Arabia diverted part of its oil exports to the Red Sea port of Yanbu following attacks that damaged the East-West pipeline.
Despite the rebound, regional exports — including those from Saudi Arabia, the United Arab Emirates, Iraq, Oman, Qatar, Kuwait and Iran — remained about 6 million barrels per day below February levels, when they reached 18.8 million barrels per day, according to Kpler data.
Surge in Saudi Shipments
Saudi Arabia, the region's largest oil exporter, is on track to ship about 5.4 million barrels per day in September, compared with 2.446 million barrels per day in August.
Oil shipments from the Gulf port of Ras Tanura surged to about 3.6 million barrels per day this month, from 929,000 barrels per day in August, but remained below the February level of 6.411 million barrels per day.
Kpler data showed that 19 very large crude carriers, each carrying 2 million barrels of Saudi oil, left the Strait of Hormuz last week. The figures do not include vessels that may have crossed the strait after turning off their Automatic Identification System transponders to avoid detection.
The Strait's Importance to Energy Supplies
Before the war with Iran broke out on February 28, the Strait of Hormuz typically handled about 125 large commercial vessels a day, including oil and gas tankers, bulk carriers and container ships. About 20% of the world's daily supplies of crude oil and liquefied natural gas pass through it.
