Mideast oil exports rebound in September as Saudi Arabia boosts shipments
Kpler said exports from the region climbed 80% from August as Saudi Arabia resumed pipeline loadings and rerouted crude through Hormuz.
- 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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Oil supplies from the Gulf region are recovering rapidly and are nearly back to pre-US-Iran war levels. This is entirely due to the alternative routes that have been established in recent years. However, we should not count on oil prices returning to pre-February levels anytime soon, says oil and gas expert Ronald de Zoete.
Oil exports from the Middle East are recovering, which relieves the oil market, but weakens Iran's leverage – and increases new risks.
In a situation in the Iran war that has been going on for months, there is a positive development: according to data, at least as much crude oil is transported on the Persian Gulf as before the war. However, for products such as gasoline, this level is still extremely low.
DEXYPTAGE - The U.S. Navy and the petromonarchies manage to better guard against Iranian attacks in the Strait. The prices of the barrel have fallen slightly, while the markets keep their eyes on the negotiations that are trampling.
Increased security in the Strait of Ormuz and adaptation of the oil sector to the conflict contribute to the rise of exports.
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