Iran's oil exports halt as Arab crude flows surpass pre-war levels
Summary
New tanker-tracking data reveals that Iran’s oil exports have effectively come to a standstill, while crude exports from Arab countries have surged past pre-war levels. This development follows the culmination of Iranian oil loadings since mid-August, resulting in a significant cut in production to around 1.8 million barrels per day, an amount sufficient only for domestic consumption. Conversely, regional crude exports increased from an average of 16.5 million barrels per day in September to approximately 19.5 million barrels per day in the final week, with Arab countries managing to establish alternate routing for their oil shipments. This shift has effectively offset the loss of Iranian supplies, as China remains the only significant buyer of Iranian crude following the recent embargo.