Saudi oil shipments jump in September to highest levels since the start of the war

Bloomberg - Saudi crude oil shipments in September jumped to their highest level since the start of the American-Iranian war, as the kingdom rushed to boost exports through the Strait of Hormuz following an attack on its main pipeline that bypasses the strait.

Total exports reached 5.28 million barrels per day so far in September, the highest level since February, marking a sharp increase from August, when rising risks to shipping from the kingdom’s eastern and western facilities disrupted shipments.

According to Bloomberg, Saudi Arabia sold approximately 100 million barrels of oil to buyers in Asia since mid-last week, with deliveries scheduled for October and November via the Strait of Hormuz.

Traders are closely monitoring the kingdom’s exports, as it is by far the world’s largest supplier of seaborne oil. The war has halted a significant portion of global crude oil and fuel supplies, pushing Brent crude futures prices to $105 per barrel, with even larger gains for diesel.