Gulf Oil Exports Reach 2025 Levels
Oil exports from the Gulf countries experienced a substantial recovery in September, reaching 23.3 million barrels per day, aligning with the average forecast for 2025. This rebound was supported by increased exports through the Strait of Hormuz, which accounted for approximately 90% of the overall recovery in exports. Goldman Sachs noted that ship tracking without the use of tracking devices contributed about 5.2 million barrels per day in September, alongside growth in refined product and LPG exports. However, exports of diesel, gasoline, and jet fuel remain at only half of the 2025 average. The bank projected that the global market was relatively balanced during September, with hints at a potential decline in Brent prices to $85 per barrel by the end of the year and $80 in 2027. Concerns persist about renewed escalation and rising prices if energy infrastructure suffers damage.
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