Middle East oil exports recover to pre-Iran war levels despite Hormuz attacks
Before the Iran war started, the Strait of Hormuz accounted for some 20% of the world’s daily crude oil and LNG supply [FILE: July 21, 2019]Image: Morteza Akhoundi/ISNA/Photoshot/picture allianceAdvertisementMiddle East crude oil exports, excluding Iran, rose back above pre-war levels in late September despite continued attacks on vessels in the Strait of Hormuz, according shipping data from trade intelligence firm Kpler.
Exports exceeded the pre-war average of about 18 million barrels per day (bpd) on four days in the final week of September, reaching 19.5 million to 22.5 million bpd, according to the data and analytics platform.
When the Strait of Hormuz closed following the start of the Iran war, the seven-day average non-Iranian crude leaving the region fell by 72% in 10 days, Kpler said.
The recovery has relied on alternative routes and ship-to-ship transfers.
In September, about 40% of crude left the Gulf without crossing Hormuz, compared with only 17% before the Iran war.
According to Kpler, more than 70% of the crude changed tankers offshore in the Gulf of Oman in August. In comparison, almost no Gulf crude changed tankers in the Gulf of Oman before the war.
Additionally, Saudi Arabia also increased exports through the Red Sea, while the UAE used its pipeline to Fujairah.
Iran, however, remains the major exception, with its exports still well below the pre-war average, primarily due to US policies.
Meanwhile, attacks on vessels have continued around Hormuz. At least seven incidents have been reported in recent weeks.
On October 1, a tanker, Kazimah III, was reportedly struck by an unknown projectile, according to maritime intelligence firm Marisks. All crew members were evacuated safely.
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