Middle East Oil Exports Rebound to Pre-War Levels, 40% Now Bypassing Strait of Hormuz
WASHINGTON: Despite continued attacks on vessels in the Strait of Hormuz, crude oil exports from Middle Eastern countries other than Iran returned to pre-war levels in late September and even exceeded them, according to trade intelligence firm Kpler.Over four days in the last week of September, exports rose above the pre-war average of about 18…
WASHINGTON: Despite continued attacks on vessels in the Strait of Hormuz, crude oil exports from Middle Eastern countries other than Iran returned to pre-war levels in late September and even exceeded them, according to trade intelligence firm Kpler.
Over four days in the last week of September, exports rose above the pre-war average of about 18 million barrels per day, reaching 19.5 to 22.5 million bpd. After the Iran war began and Hormuz was closed, the seven-day average of the region’s daily crude exports (excluding Iran) had fallen 72 percent within 10 days.
Kpler said about 40 percent of Gulf crude was exported in September without passing through Hormuz, up from just 17 percent before the war. In August, more than 70 percent of Gulf crude exports were transferred between tankers at sea in the Gulf of Oman, a practice that was almost non-existent before the war. Saudi Arabia increased exports via the Red Sea, while the UAE expanded use of its pipeline to Fujairah.
Iran remains the key exception, with exports still well below pre-war averages, mainly due to US sanctions and other policy measures. Analysts say the situation has not returned to normal.
Attacks on ships around Hormuz continue, with at least seven incidents reported in recent weeks. On Oct 1, the crude tanker Kazma III was reportedly struck by an unidentified projectile; the entire crew was safely evacuated. The UK Maritime Trade Operations agency has reported at least one attack daily in the Strait of Hormuz or Gulf of Aden since Oct 2.
