Data from shipping intelligence firm Kpler shows that Saudi Arabia and Iran's oil exports plummeted in August, while the UAE and Iraq seized some of the affected Gulf trade share.
So far in August, Iranian crude oil exports have fallen to approximately 277,000 barrels per day (bpd), a decrease of 616,000 bpd month-on-month and 1,398,000 bpd year-on-year; Saudi Arabia's exports have fallen to approximately 1,928,000 bpd, a decrease of 2,678,000 bpd month-on-month and 3,743,000 bpd year-on-year.
Meanwhile, Iraqi and UAE exports rose to approximately 2,151,000 bpd and 3,579,000 bpd respectively, an increase of 699,000 bpd and 631,000 bpd month-on-month. The UAE's exports have increased year-on-year in August, rising by 411,000 bpd.
HFI Research, an independent energy investment research and consulting firm, points out that Iraq's increased crude oil exports are due to the mixing of Iranian crude with its exports and the booming tanker shipping industry. This is why the Prosperity tankers were not attacked in the Oman shipping lanes.
