Brent Falls Below $100 as Gulf Exports Recover

Kuwait National Petroleum Company (KNPC) Chief Executive Sheikh Nawaf Al-Saud said: “Kuwait is pumping oil at about 75% of the level it was at before the Iran war, while Iraq is seeking to charter additional tankers to export its shipments via the Strait of Hormuz.” Oil prices fell slightly after dropping around 2%, as rising Gulf Arab exports and Saudi Arabia’s price cuts reinforced signals of easing supply tightness in the market. The global benchmark Brent crude fell below $100 per barrel, with Gulf producers shipping larger volumes of oil through the Strait of Hormuz.

Jasem Al-Budaiwi, Secretary General of the Gulf Cooperation Council (GCC), affirmed that GCC member states continue to consolidate their pivotal role in the global energy system. He noted that, according to 2025 indicators, their crude oil reserves exceeded 518 billion barrels, while natural gas reserves surpassed 44 trillion cubic meters, and GCC crude oil production exceeded 16 million barrels per day. Al-Budaiwi stressed that energy security is no longer linked solely to production capacity, but also encompasses ensuring the availability and continuity of supplies. He highlighted the importance of diversifying export routes and enhancing supply chain resilience, particularly amid disruptions affecting some energy transport routes and corridors.

In Iraq, Prime Minister Ali Faleh Al-Zaidi announced that the country’s oil production is projected to reach 10 million barrels per day by 2031, as part of plans targeting field development, increased investment and exploration, alongside strengthening infrastructure and export capabilities.

Meanwhile, Saudi Arabia restored oil flows of 5.8 million barrels per day through the East-West Pipeline five to six days after the line was disrupted. According to Prince Abdulaziz bin Salman, Aramco increased the pipeline’s capacity to around 7 million barrels per day using new technologies. Prince Abdulaziz, speaking at the “Made in the Gulf” conference and forum held in the Bahraini capital of Manama, said Saudi Arabia managed to restart the pipeline within five to six days of the attack. “This morning, we returned to 5.8 million barrels,” he confirmed, adding that such a rapid recovery would not have been possible without the Kingdom’s energy sector localization program.

Yesterday, President Donald Trump signed an executive order allowing all U.S. citizens to use red-dyed diesel, a tax-exempt fuel typically reserved for agricultural machinery and other equipment used off public roads.

The Chief Executive of Shell stated that energy exports from the Middle East have returned to nearly 80% of their pre-war levels.