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Mideast oil exports rebound to 12.8M bpd in September

Crude exports from key Middle East producers rebounded in September to 12.8 million barrels per day, the highest since the war with Iran began in February, data from trade intelligence firm Kpler showed.

Saudi Arabia drove the rebound, shipping about 5.4 million bpd this month, up from 2.4 million in August, while flows through the Strait of Hormuz were set to hit about 7.4 million bpd. Shipments from the Ras Tanura port alone jumped to 3.6 million bpd.

Riyadh diverted oil back through Hormuz after attacks damaged its East-West pipeline to the Red Sea port of Yanbu, cutting off an alternative export route. Nineteen large tankers, each carrying about 2 million barrels of Saudi oil, exited the strait last week.

The recovery is still far from complete: regional exports remain about 6 million bpd below the 18.8 million bpd shipped in February, Kpler said.

Oil traders will now watch whether the rebound holds as the conflict grinds on and the strait stays risky for shipping.

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