Goldman estimates Gulf oil exports, including covert shipments, doubled in September and have returned to the 2025 average. Saudi Arabia led the rebound, with exports rising above the 2025 average; Iran recorded no seaborne crude exports in September. Analyst Eamonn Sheridan said the data reinforces a supply-restoration theme that pushed oil prices lower yesterday. Goldman’s August report warned rising covert ship movements could cap crude upside even if Middle East disruptions persist; the late

2026-09-30

Goldman estimates Gulf oil exports, including covert shipments, doubled in September and have returned to the 2025 average. Saudi Arabia led the rebound, with exports rising above the 2025 average; Iran recorded no seaborne crude exports in September. Analyst Eamonn Sheridan said the data reinforces a supply-restoration theme that pushed oil prices lower yesterday. Goldman’s August report warned rising covert ship movements could cap crude upside even if Middle East disruptions persist; the latest flows support that view. The report also noted that if disruptions continue, refined products and European gas could tighten more than crude, consistent with current diesel-supply concerns.