Iraq and Saudi Arabia top recent oil exports
Middle Eastern fuel oil exports increased in June to approximately 2.4 million tons, the highest level in four months. This growth was supported by Iraq and Saudi Arabia shifting part of their exports to alternative ports and an improvement in navigation through the Strait of Hormuz following a temporary agreement between the United States and Iran. Despite the rise, exports remain below pre-war levels, which ranged between 5.5 and 6 million tons per month. This coincided with a decline in high-sulfur fuel oil prices in Asian markets due to improved flows, while Iraq focused on diversifying its export routes through the Syrian port of Baniyas as a strategic alternative.
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