Middle East oil exports rebound to highest level since Iran war began: Reuters

SINGAPORE, Sept 28: Crude oil exports from key Middle Eastern producers rebounded to 12.8 million barrels per day (bpd) in September, their highest level since the US-Israeli war with Iran began in February, according to preliminary data from Kpler cited by Reuters on Monday.

The rebound was driven by increased shipments from Saudi Arabia and the United Arab Emirates, as oil flows through the Strait of Hormuz recovered. Exports through the strategic waterway were expected to reach about 7.4 million bpd this month, Reuters reported.

Saudi Arabia was on track to export about 5.4 million bpd in September, a sharp increase from 2.446 million bpd in August. Shipments from the kingdom's Ras Tanura port also rose to about 3.6 million bpd, compared with 929,000 bpd in August, although the September figure remained well below the 6.411 million bpd recorded in February.

Saudi Arabia also diverted some oil exports from the Red Sea port of Yanbu after attacks damaged its East-West pipeline, contributing to the recovery in shipments.

Kpler data showed that 19 very large crude carriers, each carrying about 2 million barrels of Saudi oil, exited the Strait of Hormuz last week.

Despite the recovery, oil exports from the region — including Saudi Arabia, the UAE, Iraq, Oman, Qatar, Kuwait and Iran — remained about 6 million bpd below the 18.8 million bpd recorded in February, according to Kpler.

The figures do not include vessels that may have crossed the Strait of Hormuz with their Automatic Identification System transponders switched off to avoid detection, Reuters reported.

Before the war began on Feb. 28, the Strait of Hormuz typically handled about 125 large commercial vessels a day, including oil tankers, gas carriers, bulk carriers and container ships. The waterway accounts for about 20% of the world's daily crude oil and liquefied natural gas supply, according to Reuters