Gulf Oil Exports Rebound to 16.5 Million Bpd as Hormuz Traffic Stays at 60%
Updated
Updated · OilPrice.com · Oct 6
Gulf Oil Exports Rebound to 16.5 Million Bpd as Hormuz Traffic Stays at 60%
3 articles · Updated · OilPrice.com · Oct 6
Summary
September Gulf crude and condensate exports, excluding Iran, recovered to about 16.5 million bpd—near pre-war levels—even though only 60% crossed Hormuz versus 83% before the war.
Standard Chartered said the rebound reflects resilience, not normalization: exporters are relying on ship-to-ship transfers, shuttle tankers, pipelines and bypass ports, with saturated STS capacity, longer voyages and higher freight and security costs.
Saudi exports illustrate both the recovery and its limits, rebounding to roughly 6.9 million bpd in September from 2.45 million bpd in August after early-September pipeline damage forced a shift east; the East-West line has restarted but remains vulnerable.
Up to $9 a barrel in discounts on offshore Oman cargoes show the cost of those workarounds, while Iran's seaborne crude exports fell to near zero from about 1.7 million bpd before the war under the U.S. naval blockade.
Tehran still says Hormuz will remain closed until Washington meets seven June-agreement conditions, though Foreign Minister Abbas Araghchi said Iran's latest proposal could reopen the strait within seven days if the U.S. accepts.