Middle East oil exports rebound to pre-war levels

As shipping companies chose alternative routes to bypass key waterways in conflict, such as the Strait of Hormuz, Middle East oil exports have recovered to pre-war levels. Data compiled by energy data analytics firm Kpler shows that in the week ending October 18, oil shipments from Gulf oil-producing countries averaged 24.6 million barrels per day, higher than the pre-war average of 23.3 million barrels. This pushed the seven-day average export volume to its highest level since mid-February; just days after mid-February, the United States and Israel struck Iran, triggering hostilities that temporarily disrupted oil exports from the world's most important oil-producing region. The data is far more volatile than before the war, represents preliminary statistics, and covers the Strait of Hormuz, ship-to-ship transfer operations in waters outside the strait, and crude oil outbound shipments from Red Sea ports. The data also shows that crude oil shipped out through the Strait of Hormuz itself remains more than one-third lower than pre-war levels.