Middle East oil exports rise as LNG traffic through Hormuz picks up

Months into the war with Iran, Gulf exporters are finding ways to keep oil and gas moving, but crossing Hormuz remains risky and some customers are still missing contracted cargoes.

Middle East crude oil exports rose in September to their highest monthly level since the Iran war began seven months ago.

Preliminary data from Kpler put regional exports at 16.3 million barrels a day. That was still around 3.2 million barrels a day below the 19.5 million recorded in February.

Saudi Arabia accounted for much of the increase, more than doubling its exports from 2.45 million barrels a day in August to around 5.4 million in September.

Flows through the Strait of Hormuz were projected to reach about 9.7 million barrels a day as Saudi Arabia sent additional crude from its Gulf terminals after attacks damaged its East-West pipeline to the Red Sea. The regional total also includes oil shipped from ports outside the strait.

Several Qatar-linked LNG tankers also crossed Hormuz this month after no visible crossings were recorded in August.

Normal exports have not resumed, however, and QatarEnergy has extended delivery suspensions for some customers in Europe and Asia.

Edison said it had received a new notice from QatarEnergy extending force majeure until early December. Another six LNG cargoes due at Italy’s Adriatic LNG terminal will not be delivered.

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