Middle Eastern Crude Oil Exports Hit Highest Level Since February

Crude oil exports from leading Middle Eastern producers rose to 12.8 million barrels per day in September.

According to Kpler, the figure is the highest recorded since the outbreak of war in the region in February, the data showed. The increase was driven by higher shipments from Saudi Arabia and the United Arab Emirates (UAE).

It was noted that the increase occurred after the resumption of oil shipments through the Strait of Hormuz. Oil flows through the strait are expected to reach around 7.4 million barrels per day this month.

Saudi Arabia redirected some of its oil exports from the Red Sea port of Yanbu to the eastern port of Ras Tanura after attacks on the East-West oil pipeline damaged the facility, Reuters reported.

Meanwhile, attention in the energy market is focused on the upcoming OPEC+ meeting scheduled for October 4. The group, which includes Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, decided at its September 6 meeting to keep its production targets for October at the same level as in September.

Oil price rose more than 1 percent Monday after U.S. President Donald Trump rejected an Iranian proposal aimed at resolving the conflict and reopening the Strait of Hormuz.

Brent crude futures rose $1.32, or 1.27 percent, to $105.64 a barrel by 0036 GMT, while U.S. West Texas Intermediate crude gained 70 cents, or 0.76 percent, to $93.11 a barrel.

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