Gulf oil exports increase amid Strait of Hormuz slowdown

Oil exports from the Gulf Cooperation Council countries increased during the first half of July to their highest levels since late February, reaching approximately 12-13 million barrels per day, despite tensions in the Strait of Hormuz and the impact on navigation in the area. Exports from Saudi Arabia, Iran, and Iraq contributed to supporting this rebound, even though shipping activity through the strait declined to its lowest level since May, which could prompt some countries to consider reducing production. Nevertheless, exports remain 32% below their peak before the war, which reached 17.6 million barrels per day. Saudi Arabia is utilizing the Yanbu port to reduce reliance on the Strait of Hormuz.

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