Middle East crude oil exports have significantly rebounded, according to the latest shipping data. In September, the daily crude oil exports of major oil-producing countries reached around 12.8 million barrels, hitting the highest level since the U.S. war with Iran on February 28, with Saudi Arabian crude oil exports more than doubling from August.
Preliminary data from commodity data analysis company Kpler shows that in September, Saudi Arabia, the United Arab Emirates, Iraq, Oman, Qatar, Kuwait, and Iran collectively exported approximately 12.8 million barrels of crude oil per day. While this is the highest level since the outbreak of war, it is still about 6 million barrels less compared to the approximately 18.8 million barrels per day in February.
Saudi Arabia has been the main driving force behind the increase in Middle East crude oil exports in September. According to Kpler data, Saudi Arabia’s crude oil exports are expected to reach around 5.4 million barrels per day in September, compared to just 2.446 million barrels in August, more than doubling in a month.
In particular, the export volume from Ras Tanura in the Persian Gulf is expected to reach around 3.6 million barrels per day in September, up from 0.929 million barrels in August. However, there is still a significant gap compared to the approximately 6.411 million barrels per day in February.
During the war, Saudi Arabia’s East-West oil pipeline was attacked, affecting crude oil exports from the Red Sea coast port of Yanbu. Subsequently, Saudi Arabia diverted more crude oil to the Persian Gulf, shipping it overseas through the Hormuz Strait.
With increased shipments from Saudi Arabia, crude oil transport through the Hormuz Strait has also been on the rise. Kpler estimates that in September, around 7.4 million barrels of oil will be exported through this strait per day.
Just last week, 19 supertankers carrying Saudi crude oil sailed through the Hormuz Strait. Each of these tankers can carry approximately 2 million barrels of oil.
However, ship tracking data may not necessarily include all vessels passing through the strait. Some ships may turn off their Automatic Identification System (AIS), so the actual volume of oil transported may differ from current statistics.
Before the U.S. war with Iran on February 28, an average of about 125 large commercial ships passed through the Hormuz Strait daily, including oil tankers, liquefied natural gas carriers, bulk carriers, and container ships. Around 20% of global oil and liquefied natural gas supplies are transported through this vital waterway.