Mideast oil exports rebound in September as Saudi Arabia boosts shipments
Kpler data show Saudi shipments rose 80% from August as the kingdom rerouted crude through Hormuz after pipeline damage.
- Saudi crude exports surged nearly 80% in September compared to August, reaching 6 million barrels per day, the highest level since the Iran war began in February.
- The East-West pipeline, which transports about 4% of global oil supplies, closed earlier this month following a drone attack launched from Iraq during the Iran war.
- Industry sources confirmed the East-West pipeline restarted at low volumes earlier this week and is ramping up. Saudi Aramco CEO Amin Nasser told Nikkei on Thursday that "temporary interruptions" to oil infrastructure last "usually for days, not weeks."
- Brent crude dropped 1.81% and West Texas Intermediate fell 2.07% on Friday as investor confidence grew that the outage was less disruptive than feared. Prices had jumped to nearly $110 per barrel when the pipeline initially shut.
- Elsewhere, Iranian Foreign Minister Abbas Araghchi said the Strait of Hormuz will reopen within seven days if the U.S. meets "certain conditions." Saudi Arabia continues navigating threats from Iran-backed Houthi rebels in the Red Sea.
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Tehran’s ability to cut oil flow through Ormuz and use it as a currency against the US is crumbling
Oil exports from key Middle Eastern exporters rose to 16.33 million barrels per day in September, the most since the US-Israeli war with Iran broke out in late February. Saudi Arabia and the United Arab Emirates were the main contributors to the increase, according to data from analyst firm Kpler. Despite this, global oil prices have risen in recent days in response to US President Donald Trump's rejection of an Iranian peace plan.
Iran's blockade of oil flows from the Persian Gulf is easing. Exports from the region have reached 80 percent of pre-war levels, according to The Wall Street Journal. Experts say this increases the risk of Tehran resorting to military escalation.
Among other things because oil tankers have become more effective in evading the blockade of Iran, also thanks to the help of the United States
Analysis suggests that Iran's influence over the Strait of Hormuz is weakening as Middle Eastern crude oil shipments via the Strait of Hormuz and bypass routes have recovered to nearly 80% of pre-war levels. On the 28th (local time), the Wall Street Journal (WSJ), citing ship tracking data from Kpler, reported that as of last week, Middle Eastern crude oil shipments through the Strait of Hormuz and bypass routes were approaching 80% of pre-war l…
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