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Middle East Oil Exports Hit 12.8M Bpd, Highest Since February

Crude exports from key Middle East producers rebounded in September to 12.8 million barrels per day. That is the highest level since the US-Israeli war with Iran began in February, according to Kpler data released Monday.

Exports through the Strait of Hormuz were set to reach about 7.4 million barrels a day. Saudi Arabia diverted shipments to the strait from the Red Sea port of Yanbu after attacks damaged its East-West pipeline, Reuters reported.

Saudi Arabia, the region's top exporter, was on track to ship about 5.4 million barrels a day in September, up from 2.446 million in August. Shipments from the Ras Tanura port jumped to about 3.6 million barrels a day from 929,000 in August, though still below February's 6.411 million.

The region's total remains about 6 million barrels a day below February's 18.8 million. Last week, 19 very large crude carriers — each carrying 2 million barrels — exited the strait, per Kpler. Context: the rebound eases fears that the Iran war would choke the waterway, but output still sits far below pre-war levels as shipping risks persist.

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