Gulf oil exports top prewar average as Hormuz flows lag

Gulf oil exports rose above their prewar weekly average in the week to October 18, even as shipments through the Strait of Hormuz remained more than a third below prewar levels and attacks on regional shipping increased. Gulf producers excluding Iran exported an average of 24.6 million barrels per day that week, compared with a prewar average of 23.3 million barrels per day, according to preliminary data compiled by Kpler. The seven-day average was the highest since mid-February, before the war began on February 28. The regional export figure includes oil moving through several routes, including the Red Sea, and ship-to-ship transfers beyond Hormuz. It therefore does not mean that traffic through the strait has recovered. Kpler data showed Hormuz shipments remained more than a third below prewar levels. Alternative routes have helped sustain exports. Saudi Arabia redirected oil to its Red Sea port of Yanbu after attacks on vessels in the Gulf. Flows through the route fell after a mid-September attack on the pipeline supplying the port, then rebounded after Saudi Aramco completed repairs, according to the reports. Shipping risks remained elevated. The United Kingdom Maritime...