WEB DESK: Following disruptions caused by the ongoing US-Israeli conflict with Iran, Gulf nations are adjusting their oil export strategies to compensate for reduced flows through the Strait of Hormuz. Riyadh has begun rerouting approximately 4 million barrels per day—about 4% of global oil supplies—via pipelines to the port city of Yanbu, bypassing the Strait.
Meanwhile, Iraq is ramping up its oil exports. Iraq’s Oil Minister, Basim Mohammed, announced on Tuesday that the country is currently exporting over 3 million barrels per day (bpd) and aims to increase shipments through Turkey to over 600,000 bpd in the coming months.
Recent data from shipping analytics firms Vortexa and Kpler indicate Iraqi crude exports in August averaged around 2.3 million and 2.17 million bpd, respectively. These figures show an increase from July but still fall short of Iraq’s pre-conflict export levels, which peaked at approximately 3.7 million and 3.36 million bpd in February.
Contributing to the downward pressure on global oil prices, industry reports revealed that US crude inventories grew by 1.8 million barrels for the week ending September 18—a surprising increase given analysts’ expectations of a decline. The US Energy Information Administration (EIA) is scheduled to release official inventory data at 10:30 a.m. ET (14:30 GMT), which could influence market sentiment moving forward.
