OMM Redaksiyası
Crude oil exports by major Middle Eastern producers rose in September to their highest level since the US-Israel war with Iran began at the end of February. According to data from analytics firm “Kpler,” combined exports from Saudi Arabia, the United Arab Emirates, Iraq, Oman, Qatar, Kuwait and Iran reached approximately 16.328 million barrels per day.
Reasons for the rise in exports
The increase was mainly driven by stronger shipments from Saudi Arabia and the UAE. Crude oil exports through the Strait of Hormuz also appear to have recovered, reaching an estimated 9.719 million barrels per day in September.
Saudi Arabia redirected part of its exports after strikes on the East-West pipeline. The attacks reduced flows from the Red Sea port of Yanbu.
However, the region’s crude oil exports remain approximately 3.2 million barrels per day below the February level. Exports that month stood at 19.513 million barrels per day. According to “Kpler” estimates, oil supplies from the Middle East remain just below 80% of their pre-conflict level.
Saudi exports more than double
Saudi Arabia, the region’s largest oil exporter, is expected to ship approximately 5.4 million barrels of oil per day in September. This is more than double the 2.446 million barrels per day recorded in August.
Exports from the kingdom’s Ras Tanura terminal in the Persian Gulf also rose from 929,000 barrels per day to approximately 3.25 million barrels per day within a month. However, this figure remains well below the 6.411 million barrels per day recorded in February.
According to “Kpler,” 19 very large crude carriers, each capable of transporting approximately 2 million barrels of oil, passed through the Strait of Hormuz last week.
Importance of the Strait of Hormuz
The estimates include cargoes passing through the Strait of Hormuz, ship-to-ship oil transfers in the Gulf of Oman, and shipments from terminals in Fujairah, Oman and the Red Sea.
Vessels that may have passed through the strait with their automatic identification system transponders switched off were not included in the statistics.
Before the conflict with Iran began on Feb. 28, an average of 125 large commercial vessels passed through the Strait of Hormuz every day. The waterway carries approximately 20% of the world’s daily crude oil and liquefied natural gas supplies and is considered one of the most important energy routes globally.
