The Middle East’s leading Arab oil producers are once again exporting crude at roughly the same pace as before the war, adding significant supply to the global market and helping keep prices in check.
Combined shipments from Saudi Arabia, the United Arab Emirates, Iraq and Kuwait increased 10% in October to 15.53 million barrels a day, according to tanker-tracking data compiled by Bloomberg and energy-analytics firms. The figure is broadly in line with the volumes exported at the beginning of the year.
Iran’s exports, by contrast, remained at zero for a second consecutive month amid a US naval blockade.
Sources: Bloomberg Markets.