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J.P. Morgan and Goldman Sachs: Oil flows recover near pre-war levels
Oil flows from the Middle East have returned to pre-war levels, as the region’s exports have experienced a significant rebound despite ongoing risks. Shipments have reached approximately 17.5 million barrels per day, representing about 98% of pre-conflict levels, while exports of products like diesel and gasoline have reached 3 million barrels daily, roughly 58%. Estimates suggest the oil market has become nearly balanced, with Saudi Arabia regaining half of the throughput through the East-West pipeline and the region's capacity to operate despite persistent risks. However, the increased transit volumes do not indicate an improvement in safety. Meanwhile, with gold prices declining and global markets fluctuating, Brent crude remained high, approaching a monthly gain of around 14% in September. Analysts remain concerned about the potential for new escalations that could impact energy infrastructure.
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