Middle East Oil Exports Recover to 12.8 Million Bpd

Crude oil exports from key Middle Eastern producers rose to an estimated 12.8 million barrels per day in September, their highest level since the war involving Iran began in February, according to preliminary data from energy analytics firm Kpler. The recovery, led by higher shipments from Saudi Arabia and the United Arab Emirates, remains incomplete: regional exports were still about 6 million barrels per day below February’s 18.8 million. Saudi Arabia was on track to export about 5.4 million barrels per day in September, up from 2.446 million in August, Kpler data showed. Shipments from the Ras Tanura port on the Persian Gulf were estimated at 3.6 million barrels per day, compared with 929,000 in August and 6.411 million in February. The increase followed a recovery in shipments through the Strait of Hormuz and changes to Saudi export routes after attacks damaged its East-West pipeline. Saudi Arabia had diverted oil exports from the Red Sea port of Yanbu, according to the preliminary data. Kpler counted 19 very large crude carriers, each carrying about 2 million barrels of Saudi oil, leaving the strait last week.