Gulf oil exports jumped more than 3 million barrels from May to exceed 10 million barrels per day in June, though they remained 40% below pre-war levels. Combined crude and condensate exports from Saudi Arabia, the UAE, Kuwait, Iraq and Iran rose by more than 3.5 million barrels per day to 10.07 million barrels per day, according to Kpler, while Vortexa estimated June flows at 10.2 million barrels per day, up from 7 million in May but still short of 16.5 million a year earlier. The UAE led the recovery with record exports of 3.7 to 3.8 million barrels per day, more than 1 million above May levels, as the backlog of crude stranded in the Strait of Hormuz cleared following a U.S.-Iran agreement. Saudi crude exports rose by 768,000 barrels per day to 4.52 million, and Iraq and Kuwait each recovered to about 800,000 barrels per day. Iran raised exports by more than 70% to 640,000 barrels per day as the U.S. blockade eased.
Gulf oil exports surged over 3 million bpd in June, led by record UAE flows, increasing global supply.
Gulf oil exports surged over 3 million bpd in June, led by record UAE flows, increasing global supply.