Saudi Arabia Increases Oil Exports as Ship Traffic Through Strait of Hormuz Declines
Commercial vessel traffic through the Strait of Hormuz slowed significantly over the weekend amid tensions in the Middle East, while Saudi Arabia ramped up its oil exports.
As tensions and conflicts between the U.S. and Iran persist, the number of commercial vessels passing through the Strait of Hormuz dropped to 12 over the weekend. Despite the notable decline in traffic, Middle Eastern producers continue their oil shipments.
Decline in Strait Vessel Traffic
According to provisional data from analytics firm Kpler, the number of commercial vessels transiting the Strait of Hormuz dropped to 12 over the weekend amid ongoing conflicts and tensions in the Middle East. The previous weekend, this figure stood at 35.
Tankers Sailing Dark
While visible traffic in the strait—through which a significant portion of global oil and liquefied natural gas shipments passes—has decreased sharply, some producers continue to transport oil by turning off their transponders.
Weekend Transit Data
Data shows that four vessels exited the strait on Sunday, while two small oil tankers entered the gulf. On Saturday, five vessels carrying agricultural products and gas departed, while one empty gas carrier entered.
Pre-War Normal Operations
Before the war that began on February 28, the Strait of Hormuz hosted an average of 125 large commercial vessels daily, including tankers, gas carriers, and container ships.
Saudi Arabia's Export Move
Houthi attacks on Saudi Aramco's East-West pipeline prompted the state energy firm to increase exports through the Strait of Hormuz after halting shipments via Yanbu.
September Export Recovery
OPEC leader Saudi Arabia raised its exports to over 4 million barrels per day in September, after August exports dropped to 2.4 million barrels per day, their lowest level since at least 2013.
JPMorgan Analysts' Assessment
JPMorgan analysts noted that despite pipeline disruptions, Middle East oil flows have remained surprisingly strong, averaging 17.1 million bpd over the past ten days.
Change According to Satellite Data
Analysts emphasized that satellite data shows Saudi Arabia's oil shipments through the strait surged from 700,000 barrels per day in August to an average of 2.9 million barrels per day over the past six days.