Middle East oil exports excluding Iran have risen above their pre-war levels for several days, despite attacks on shipping in the Strait of Hormuz, according to maritime tracking firm Kpler.
The weekly average of shipments exceeded the pre-conflict rate of 18 million barrels a day for the first time since the US and Israel launched their offensive against Iran at the end of February.
Kpler said crude exports from the region reached pre-war levels in September, with at least 16.5 million barrels leaving countries outside Iran.
About 40 per cent of the oil now avoids the Strait of Hormuz, with much of the remainder changing tankers offshore, the firm said. Most of the oil bypassing the waterway is moving through pipelines in Saudi Arabia and the United Arab Emirates.
Shipments are also using the Red Sea more frequently to avoid the blockade Iran is attempting to impose on the strait. Before the conflict, roughly a fifth of the world’s petroleum supplies passed through the waterway.
Iran continues to claim control of the Strait of Hormuz, and vessels travelling without its authorisation risk attack. However, increasing numbers of ships are passing through, while alternative routes designed to avoid the strait are operating at full capacity.
Kpler said the rebound did not mean the situation had returned to normal. Iran is still losing a substantial share of its own exports as a result of a US counterblockade of its ports.
