Middle East Crude Exports Surge Despite Hormuz Attacks
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Insights by Echo AI
Middle East crude oil exports have reached their highest levels since the start of the Iran war, with exports hitting 98% of pre-war volumes in September, according to JP Morgan. This comes despite ongoing attacks on ships in the Strait of Hormuz, with at least 11 tankers coming under attack in the past week. Exports surpassed 14 million barrels per day last week, marking a 210% increase from March lows and bringing the 4-week average to 14 million barrels per day. However, refined fuel shipments remain at only around 50% of pre-war levels due to more expensive transportation costs and damaged refineries.
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