Crude oil exports from major Middle Eastern producing countries saw a significant recovery in September, reaching 12.8 million barrels per day. This is the highest level since February events, driven by increased exports from Saudi Arabia and the United Arab
Emirates, according to Kepler data released Monday. This increase coincided with a recovery in shipments through the vital Strait of Hormuz, estimated at 7.4 million barrels per day this month, based on preliminary data. Despite this recovery, total exports from the
region (including Saudi Arabia, UAE, Iraq, Oman, Qatar, Kuwait, and Iran) remain about 6 million barrels per day below their February level of 18.8 million barrels per day. Saudi Arabia, the region's largest exporter, is poised to ship about 5.4 million
barrels per day in September, an increase from 2.446 million barrels per day in August. Shipments from Ras Tanura port also surged in September to about 3.6 million barrels per day, compared to 929,000 barrels per day the preceding month. Data
also showed 19 very large crude carriers (VLCCs), each carrying two million barrels of Saudi oil, passed through the Strait of Hormuz last week. These figures exclude vessels that might have traversed the Strait with their Automatic Identification System (AIS)
transponders switched off to avoid detection. Prior to February 28 events, the Strait of Hormuz typically accommodated around 125 large commercial vessels daily (including oil and gas tankers, bulk carriers, and container ships), representing about 20% of the global daily crude
oil and liquefied natural gas supply.
