Gulf Oil Flows Rise to 81% as Iranian Exports Drop to Zero

Data shows that oil flows from the Gulf region, excluding Iran, rose to more than 81 percent of pre-war levels in September, supported by a recovery in Saudi exports despite attacks on the Kingdom's oil infrastructure and escalating Iranian attacks on shipping in the region, while Iranian exports fell to zero due to the US blockade.

The blockade led to a near-complete halt in Iranian exports, while other Gulf oil producers adapted to attacks on energy and shipping infrastructure by relying on so-called dark transit - turning off tanker tracking systems to avoid detection - to protect oil flows that support their economies, according to Reuters.

Data from Fortexa showed that flows of crude oil, condensates, and refined fuels including liquefied petroleum gas averaged 19.2 million barrels per day from Saudi Arabia, Kuwait, Qatar, Oman, Bahrain, Iraq, and the UAE, compared to an average of about 23.6 million barrels per day in the year preceding the outbreak of the Iran war on February 28.

According to data from Kpler, total oil exports in September reached 18.6 million barrels per day.

Greater Recovery

Fortexa data showed that crude oil and condensate flows recovered to reach 91 percent of their pre-war levels, which stood at 16.3 million barrels per day, but exports of refined fuels including liquefied petroleum gas remain at 60 percent of pre-war levels of 7.3 million barrels per day.

The decline in fuel exports has exacerbated global shortages of diesel and jet fuel, contributing to price rises to record or near-record levels in several markets. The Middle East is a major supplier of these types of fuel, making disruptions in the region critically important for global consumers.