Middle Eastern Oil Exports Hit Record High
Oil exports from Middle Eastern countries saw an increase in September, reaching 12.8 million barrels per day, the highest level since the outbreak of the U.S.-Israeli war with Iran in February. Saudi Arabia and the United Arab Emirates boosted their exports, with shipments through the Strait of Hormuz recovering and expected to reach 7.4 million barrels per day this month, after Saudi Arabia rerouted its exports from the Yanbu port due to damage to the East-West pipeline. Despite this rebound, exports remain about 6 million barrels per day below the February levels of 18.8 million barrels. Saudi Arabia is expected to ship around 5.4 million barrels per day in September, up from 2.446 million barrels in August. Gulf shipments from Ras Tanura port increased to 3.6 million barrels per day but still fall short of February's 6.411 million barrels. Additionally, 19 supertankers passed through the Strait of Hormuz last week, although ships that may have transited without their Automatic Identification Systems (AIS) activated are not counted. Before the war, approximately 125 ships traveled through the strait daily, constituting about 20% of global oil and gas supplies.
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