Arab Gulf Crude Exports Rise Above 130 Million Barrels

Crude oil exports from the Arab Gulf rose above 130 million barrels in the week ending June 18, according to Thomson Reuters’ Lead Oil Analyst for the Middle East and Africa, Giorgos Beleris.

In a research note sent to Rigzone, Beleris outlined that Iran’s exports almost doubled this week after witnessing two consecutive weeks of below par loadings.

“With the International group of Protection & Indemnity Clubs now granting extended cover for ship owners to use their tonnage for carrying Iranian oil, the country is no longer dependent on their National fleet for exports. This removes challenges that can result in increased exports in the future which will assist Iran’s plan of attaining more market share,” stated Beleris.

Iraq export numbers have also remained consistent “indicating the country is set to maintain high export volumes,” according to Beleris. Saudi crude exports rose to 49.67 million barrels in the week, a seven percent week-on-week increase, although average daily exports for June have dropped by around 600,000 barrels per day compared to May levels.

The export increase in the week ending June 18 follows gains of 9 million barrels from May 21 to May 28, compared to the week prior, and a total export figure of 121 million barrels in the seven days ending May 28.

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