Iran's oil exports collapse

At the end of September, Iran's seaborne oil exports collapsed due to the blockage of the Strait of Hormuz. This was reported by Reuters with reference to Kpler data.

At the beginning of autumn, Iran was the only Middle Eastern country whose maritime oil exports fell so rapidly, analysts say.

Other major players, on the contrary, increased shipments of raw materials. Thus, the average daily volume of oil and condensate shipments from Saudi Arabia jumped by approximately 4.2 million barrels on a monthly basis and reached 6.6 million. The United Arab Emirates (UAE) and Iraq also showed positive dynamics.

Against this background, the total average daily exports of crude oil and condensate from the Gulf countries (from Saudi Arabia, the UAE, Iraq, Oman, Kuwait, Qatar and Iran) in September increased by almost 4 million barrels - from 10.8 million to 14.7 million.

In parallel, towards the end of the first month of autumn, the volume of oil production in the war-torn region increased significantly. In September, the rate reached 81 percent of pre-war levels. Similar dynamics were recorded against the backdrop of a gradual normalization of raw material flows through the East-West pipeline and the restoration of shipments through the port of Yanbu, located on the Red Sea coast.

Market participants gradually adapted to new realities, experts say. Shipowners began turning off tanker tracking systems, which contributed to an increase in maritime exports despite the prolonged blockage of the Strait of Hormuz. However, the risks for shipowners have not gone away recently. At the end of September, according to Marisks, at least seven attacks on ships were recorded. This poses a threat to the global market, which is still reeling from widespread disruptions in Middle Eastern energy supplies.