Gulf oil exports grow despite Hormuz slowdown
Oil exports from the Gulf countries increased during the first half of July to their highest levels since late February, despite a slowdown in navigation through the Strait of Hormuz following the Iran crisis. Export volumes reached approximately 12 million barrels per day, a 16% increase compared to the June average, supported by Saudi Arabia, Iran, and Iraq. While Iraq experienced the largest increase, UAE exports declined after reaching record levels in June. Despite the recovery, exports remain 32% below the pre-war peak of 17.6 million barrels per day, with Saudi Arabia continuing to redirect most of its exports through the Yanbu port to reduce dependence on the strait.
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