- Saudi Arabia has started exporting oil using a key cross-country pipeline after the link was repaired following drone strikes earlier this month.
- Overseas shipments have now resumed, according to a person familiar with the operation.
- Crude oil exports from key Middle East producers rebounded in September to 12.8 million barrels per day, the highest since the US-Israeli war with Iran started in February.
- September shipments from the Ras Tanura port in the Gulf jumped to about 3.6 million bpd, from 929,000 bpd in August.
- The rebound came following a recovery in exports via the Strait of Hormuz, which were set to hit about 7.4 million bpd this month.
- While exports from the region have rebounded, they were still about 6 million bpd down from 18.8 million bpd in February.
- Tanker traffic in the Strait of Hormuz remains weaker than usual, with some vessels moving in dark mode to avoid detection.
- Iranian media reported explosions in Hormuz this weekend, with missiles possibly fired at vessels.
Saudi Arabia has resumed crude oil exports through the Strait of Hormuz after repairing its East-West pipeline, which was damaged by drone strikes. This has led to a significant rebound in Middle Eastern oil shipments, reaching 12.8 million barrels per day in September, according to Kpler data.12357
The recovery in exports is notable, as it marks the highest level since the US-Israeli war with Iran began in February. The Strait of Hormuz is crucial for oil transport, typically handling about 20% of the world’s daily crude oil and liquefied natural gas supply. In September, exports via the strait are projected to hit 7.4 million bpd, a significant increase from previous months.
Saudi Arabia's exports are estimated at 5.4 million bpd this month, a recovery from 2.446 million bpd in August. Shipments from the Ras Tanura port surged to 3.6 million bpd, up from 929,000 bpd in August, although still below the 6.411 million bpd recorded in February.4
Despite the rebound, overall exports remain 6 million bpd lower than the pre-war average of 18.8 million bpd. Analysts suggest that while the ramp-up in exports indicates greater confidence in the strait, tanker traffic remains weaker than usual, with reports of vessels operating in6
“Kpler data shows Saudi exports hit 5.4 million bpd this month, rebounding from 2.446 million bpd in August, with Ras Tanura port shipments jumping to 3.6 million bpd. Tanker traffic in the strait remains weak, with some vessels moving in dark mode to avoid attacks.”
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