Middle East oil exports topped pre-war levels in September as Gulf producers ramped up shipments despite escalating tanker attacks near the Strait of Hormuz, according to Kpler shipping data.
The region’s crude exports hit a seven-day moving average of 18.3 million barrels per day Sept. 30, topping pre-war levels on 14 days in September. Vortexa said Middle East crude and condensate exports reached 18.6 million barrels per day on a 14-day average, exceeding the 10-year seasonal average and returning to pre-conflict levels.
“Most of this month-over-month increase seen in September comes from Saudi Arabia, which is ramping up exports to regain market share from other Middle Eastern countries,” Vortexa senior market analyst Xavier Tang said.
“This increase in Middle East supplies will also help alleviate tightness in the oil market, especially for Asian refiners.”
The supply surge came even as Marisks, a shipping intelligence service, warned that merchant ships crossing the key chokepoint face a “heightened and increasingly unpredictable kinetic threat.”
Marisks said at least seven tanker incidents were reported in the past week, including reported strikes on a Kuwaiti very large crude carrier and a Liberian-flagged Aframax tanker in the Strait of Hormuz.
Reuters contributed to this report.