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Middle East oil exports fall 39% since early year
Oil exports from the Middle East dropped by 39% in August compared to January and February, according to "Tank Tracker," a platform specializing in tracking oil tanker movements. This decline reflects the impact of geopolitical tensions, particularly the closure of the Strait of Hormuz and attacks on ships, which have reduced oil flows to global markets. Consequently, many Asian refineries increased their purchases of Argentine oil to compensate for the lost supplies.
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