Gulf oil exports dipped in October from September's levels, the highest since the Iran war started, according to two ship-tracking companies. Both said the figures could be revised upwards as more shipment details emerge.
Gulf oil exports dipped in October from September's levels, which were the highest since the Iran war started, data from two ship-tracking companies showed. Both companies said the figures could be revised upwards.
Vortexa and Kpler both record a drop
Flows of crude, condensate and refined products, excluding LPG, averaged 17.1 million barrels per day in October, according to Vortexa. That is down from 18.9 million bpd in September but still roughly three-quarters of pre-war levels.
Kpler's data also showed a drop, with crude and condensate flows down about 1 million bpd from September. Its figures on flows through the Strait of Hormuz, the Red Sea and the Gulf of Oman averaged about 16.1 million bpd in October, down from 17.09 million bpd in September.
Tracking gaps point to upward revisions
Attacks on shipping around the Strait of Hormuz reached a record in October, and tankers have stepped up efforts to avoid detection. That makes Gulf flows harder to track and raises the likelihood of further revisions to preliminary export data.
Vortexa said the October figure is more likely to be revised up than down because many shuttle tankers going through the Strait switch off tracking signals as a safety measure. Satellite imagery is often needed to confirm shipments, which creates a reporting lag. Vortexa also sharply revised up the September figure compared with the data it made available to Reuters in early October.
Analyst George Morris of Vortexa said Middle East seaborne oil exports have "pulled back slightly from recent post-war highs" on heightened risks in the Strait of Hormuz.
Crude recovers faster than refined products
Crude and condensate exports averaged 14.0 million bpd in October, or about 86% of pre-war levels, Vortexa said. Refined product exports averaged 3.1 million bpd, just over half of normal volumes.
By country, Vortexa said Saudi Arabia's exports were steady compared with September, while the UAE recorded the largest decline. Iraq, Oman and Kuwait all exported less.
Both companies' figures exclude Iran, which is not exporting due to the US blockade.
Source: Reuters via Investing.com
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