Middle East oil exports rebound to 12.8 million bpd in September

Middle East crude oil exports rebounded in September to 12.8 million barrels per day, the highest level since the US-Israeli war with Iran began in February, driven by increased shipments from Saudi Arabia and the UAE, according to Kpler data. The recovery followed a rebound in exports via the Strait of Hormuz, projected at about 7.4 million barrels per day, as Saudi Arabia diverted oil from the Red Sea port of Yanbu after attacks damaged its East-West pipeline. Saudi shipments rose to about 5.4 million barrels per day from 2.446 million in August. Despite the rebound, regional exports remain about 6 million barrels per day below February's 18.8 million. Before the war started on February 28, the strait handled about 125 large commercial vessels daily, accounting for roughly 20% of global crude and LNG supply.