Oil exports from major Middle Eastern producers reached 12.8 million barrels per day in September 2023, marking the highest level since the start of the U.S. and Israel's war against Iran in February 2023.
Increase in Exports from Saudi Arabia and the UAE
According to data from Kpler, the increase in oil exports, particularly from Saudi Arabia and the UAE, has been the main factor behind this growth. Oil exports through the Strait of Hormuz have also significantly improved, with estimates suggesting they will reach around 7.4 million barrels per day in September.
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Changes in Saudi Export Routes
Preliminary data indicates that Saudi Arabia has shifted part of its oil exports from the Yanbu port on the Red Sea to the Strait of Hormuz route following attacks that damaged its east-to-west pipeline. Despite the increase in exports from regional countries including Saudi Arabia, the UAE, Iraq, Oman, Qatar, Kuwait, and Iran, the total export volume is still about 6 million barrels per day lower than the February level, when exports from this region reached 18.8 million barrels per day.
Oil Export Status from the Ras Tanura Port
Saudi Arabia, the largest oil exporter in the region, achieved exports of about 5.4 million barrels per day in September; a significant increase from the 2.5 million barrels per day recorded in August. Additionally, oil exports from Saudi Arabia's Ras Tanura port reached about 3.6 million barrels per day in September, showing a remarkable increase from 929,000 barrels per day in August.
Furthermore, last week, 19 very large crude carriers carrying Saudi oil passed through the Strait of Hormuz, each carrying about 2 million barrels of oil. This figure does not include ships that may have turned off their automatic identification system transmitters to avoid detection.
Before the war with Iran began on February 28, about 125 large commercial vessels, including oil tankers, gas carriers, bulk carriers, and container ships, passed through the Strait of Hormuz daily. At that time, the strait was the route for about 20 percent of the world's daily crude oil and liquefied natural gas supply.
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