Exports of crude oil from the Middle East fell to a three-month low of 17.13mn b/d in August, down by 754,000 b/d from the most recent peak in June. The drop comes despite Opec+ accelerating production increases since April. The cumulative quota increase for the region’s Opec+ members since August 2024 was 1.45m b/d, but crude exports increased by just 471,000 b/d.
Shipments from the Middle East peaked at 17.89mn b/d in June, according to Kpler data (see chart 1) – with volumes that month soaring as Saudi Arabia sent volumes to storage facilities outside the Strait of Hormuz during the Israel-Iran conflict. Since then, a number of factors led to lower crude exports from the region. (CONTINUED - 714 WORDS)
