Singapore, Sept. 28 (SANA) Crude oil exports from major Middle Eastern producers rebounded to about 12.8 million barrels per day in September, their highest level since the U.S.-Israeli conflict with Iran began in February, as Saudi Arabia and the United Arab Emirates increased shipments and flows through the Strait of Hormuz recovered, preliminary Kpler data showed Monday.
Exports through the Strait of Hormuz are on track to reach about 7.4 million barrels per day this month, Reuters reported, citing Kpler data. The increase came as Saudi Arabia diverted part of its crude exports from the Red Sea port of Yanbu to Gulf terminals after attacks damaged its East-West oil pipeline.
Saudi shipments rise
Saudi Arabia is on track to export about 5.4 million barrels per day in September, up from 2.446 million barrels per day in August.
Shipments from the kingdom’s Ras Tanura port increased to about 3.6 million barrels per day, compared with 929,000 barrels per day in August. September volumes, however, remain below the 6.411 million barrels per day recorded in February.
Kpler data showed that 19 very large crude carriers, each carrying about 2 million barrels of Saudi crude, exited the Strait of Hormuz last week.
The figures exclude vessels that may have crossed the waterway with their Automatic Identification System transponders switched off, making them unavailable to conventional vessel-tracking systems.
Despite the rebound, combined crude exports from Saudi Arabia, the United Arab Emirates, Iraq, Oman, Qatar, Kuwait and Iran remain about 6 million barrels per day below their February level of 18.8 million barrels per day, according to Kpler.
Before the conflict began on Feb. 28, about 125 large commercial vessels typically passed through the Strait of Hormuz each day, including oil tankers, gas carriers, bulk carriers and container ships.
The waterway handled shipments equivalent to about 20 percent of the world’s daily crude oil and liquefied natural gas supply, underscoring its importance to global energy markets.
Oil prices rise
Oil prices, meanwhile, 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.
Iran announced the proposal during the U.N. General Assembly in New York last week and said it had been conveyed to Washington through Qatari mediators. Trump said Saturday that he had rejected the proposal but told Axios on Sunday that he expected U.S. negotiators to hold further talks this week.
The recovery in regional crude exports has increased the volume of oil reaching international markets, while prices remain sensitive to developments involving Iran, the United States and shipping through the Strait of Hormuz.
R.H/R.K
