Middle East crude exports recover despite Hormuz disruption

Middle East crude exports recovered to near or above prewar levels on several days in late September, even as the Strait of Hormuz remained disrupted and exporters relied more heavily on alternate routes and tanker transfers, according to provisional Kpler data. Regional crude shipments reached between 19.5 million and 22.5 million barrels per day on September 24 and September 27-29. The seven-day average was 18.5 million barrels per day on October 1, compared with a prewar average of about 18 million, Kpler reported. The figures combine exports through the Strait of Hormuz and the Red Sea, as well as terminal loadings and ship-to-ship transfers in the Gulf of Oman. For the Middle East Gulf excluding Iran, Kpler estimated that at least 16.5 million barrels per day of crude and condensate left the region between September 1 and 28, matching its prewar average for that group. The estimate covers a different population and period from the broader regional daily figures. Kpler describes the September totals as minimum confirmed volumes, subject to revision as further shipment information becomes available. The recovery has involved a substantial shift in how oil moves to market.