Mideast oil exports rebound in September as Saudi Arabia boosts shipments

Business Recorder reported that shipments of crude from major Middle Eastern suppliers climbed in September to 12.8 million barrels per day, the strongest level since the conflict with Iran erupted in February. Citing Kpler figures released on Monday, the report said Saudi Arabia and the United Arab Emirates drove the increase. Even so, regional volumes remain roughly 6 million barrels per day short of the 18.8 million recorded in February.

A recovery in cargoes passing through the Strait of Hormuz, now projected near 7.4 million bpd for September, underpinned the rise. Saudi Arabia redirected some barrels away from its Red Sea terminal at Yanbu after attacks harmed its East-West pipeline, preliminary data indicated. Saudi exports were tracking near 5.4 million bpd for September, up from 2.446 million in August.

Ras Tanura loadings climbed to roughly 3.6 million bpd, up from 929,000 in August, yet stayed under February's 6.411 million. Kpler also counted 19 very large crude carriers that exited the Strait last week, each holding around 2 million barrels of Saudi crude. The figures leave out any ships that could have passed through with tracking systems switched off.