Key facts
- Middle East crude oil exports climbed to 16.33 million barrels a day in September.
- Saudi Arabia sold nearly 100 million barrels of crude to Asia via the Strait of Hormuz.
- Brent crude futures rose 0.6% to $105.91 a barrel.
- US West Texas Intermediate crude was at $93.32, up 0.8%.
Crude oil exports from key Middle East producers rebounded in September to 16.328 million barrels per day, the highest since late February, as Saudi Arabia and the United Arab Emirates boosted shipments. Despite the rebound, exports from the region remain about 3.2 million barrels per day below February levels, according to Kpler data.
Oil prices climbed for a second consecutive session as ongoing concerns about Middle East supply disruptions, stemming from the US-Iran conflict, overshadowed indications of recovering crude exports from the region. Brent crude futures increased by 0.6% to $105.91 a barrel, while US West Texas Intermediate crude rose 0.8% to $93.32.
Preliminary figures from data provider Kpler showed that crude exports from major Middle Eastern producers reached 12.8 million barrels a day in September, the highest level since February. This increase was bolstered by higher shipments from Saudi Arabia and the United Arab Emirates. However, analysts noted that much of this increased volume still relies on less efficient and more costly workarounds, such as ship-to-ship transfers, contributing to elevated crude prices.
Saudi Arabia has sold nearly 100 million barrels of crude to Asian buyers, rerouting shipments through the Strait of Hormuz due to an outage on its East-West oil pipeline. The pipeline, which has a capacity of 4 million barrels per day, has restarted partial operations following drone attacks. The US is also considering regulatory relief to permit broader sales of red-dyed diesel to help lower prices, as an alternative to a diesel export ban.