Crude exports from key Middle East producers rebounded in September to about 12.8 million barrels per day, the highest level since the U.S.-Israeli war with Iran began in February, according to preliminary Kpler data reported by Reuters. The recovery was led by increased shipments from Saudi Arabia and the United Arab Emirates.
Flows through the Strait of Hormuz were set to reach roughly 7.4 million barrels per day in September. Saudi Arabia redirected more crude through Gulf ports after attacks damaged its East-West pipeline and complicated exports from the Red Sea port of Yanbu. The shift helped restore some seaborne volumes even though regional exports remain well below pre-war levels.
Kpler data showed Saudi exports on track for about 5.4 million barrels per day this month, up sharply from around 2.45 million barrels per day in August. Shipments from Ras Tanura also climbed substantially. Reuters reported that 19 very large crude carriers, each capable of carrying about 2 million barrels, passed through Hormuz during the prior week.
Despite the rebound, total exports from Saudi Arabia, the UAE, Iraq, Oman, Qatar, Kuwait and Iran were still around 6 million barrels per day below February levels. The comparison underlines how far the regional energy system remains from normal, even as producers use alternative routes, ship-to-ship transfers and higher-risk Gulf traffic to keep barrels moving.
The recovery in exports may reduce some immediate supply pressure, but it comes alongside renewed geopolitical tension after the United States rejected Iran’s latest proposal on reopening Hormuz. For foreign exchange markets, large changes in crude supply and prices remain relevant to oil-linked currencies such as the Canadian dollar as well as broader global inflation expectations.