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Goldman Sachs: Gulf oil exports rise to 23.3 mbpd
Goldman Sachs reported that oil exports from Gulf countries last week reached approximately 23.3 million barrels per day, a level nearly matching the average for 2025, supported by increased flows through the Strait of Hormuz, including ship-to-ship transfers. Crude oil exports account for about 90% of the recoveries recorded in Gulf exports during September, reaching around 19 million barrels per day, which is 108% of the 2025 average. Estimates also suggest that exports relying on ships without GPS tracking reached about 5.2 million barrels per day in September, reflecting some of the untracked flows. The bank anticipates that the oil market was nearly balanced during September, with supply from the Middle East matching demand in China. This supports its forecast that Brent crude prices will decline to $85 by the end of 2023 and to around $80 in 2027. These predictions have been validated by a nearly 14% increase in prices during September, which continued to rise after Trump denied easing sanctions on Iran, amid hopes for a breakthrough through Qatar's diplomatic efforts.
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