JPMorgan and Goldman Say Middle East Oil Exports Recovering Toward Pre-War Levels

Bloomberg··SAIR·Read original
4▲0 ▼1Impact / 5
Summary · why it matters

JPMorgan Chase and Goldman Sachs assess that crude oil export volumes from the Middle East are likely to recover to pre-war levels, though risks remain. JPMorgan said crude shipments have recovered to 17.5 million barrels per day, or 98% of pre-war levels, while shipments of refined products such as diesel and gasoline stand at 3 million barrels per day, or 58% of pre-war levels. Measured on a 10-day average over the past five days, overall oil shipment volumes stand at 89% of 2025 levels. Shipments through the Strait of Hormuz have returned to their late-June peak of nearly 13 million barrels per day, led by exports from Saudi Arabia, which has restored about half of its exports through the East-West Pipeline to Red Sea ports after attacks earlier in the month. Goldman Sachs said oil exports from the Persian Gulf, including a rise in covertly shipped oil, reached 23.3 million barrels per day over the past week, close to the 2025 average, and assessed that the global oil market was broadly balanced in September. Saudi Arabia's exports more than doubled in September and were above the 2025 average, while Brent crude is on track for a third consecutive monthly gain, expected to rise about 14% in September.

Impact on assets 3

Financials▲ · 1 stocks
Goldman Sachs Group Inc
GS
± Mixedrelevance

Goldman Sachs is cited as assessing recovering Persian Gulf oil exports and a broadly balanced market, but this is a market commentary with no clear directional impact on the firm.

Digital Finance & Tokenization▲ · 1 stocks
JPMorgan Chase & Co
JPM
± Mixedrelevance

JPMorgan is cited as assessing recovering Middle East crude and refined-product shipments, a market commentary with no clear directional impact on the firm.

Others▼ · 1 stocks
⛏Brent Crude Oil Futures
BRENT
▼ NegativeSupplyrelevance

Middle East crude exports recovering toward pre-war levels and a broadly balanced global oil market imply rising supply, pressuring Brent crude prices.

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