The increase in Middle Eastern oil exports, especially from major oil-producing countries, is closely related to the current political and military developments in the region. According to estimates by the private company 'Kepler', crude oil exports in September have reached 70% of pre-war levels. Major oil producers allied with the United States are exporting an average of about 13 million barrels of oil per day, while this figure had reached 19 million barrels per day in February.
Strait of Hormuz and Existing Challenges
The Strait of Hormuz remains one of the main oil export routes, but its security situation is extremely concerning. The United States Navy has imposed a blockade on the strait since July of this year, preventing the passage of Iranian oil. In this context, the war between Iran and the United States has entered its eighth month, and the Strait of Hormuz remains a perilous route for global trade.
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Economic Impacts and Oil Prices
The increase in oil exports comes as Brent crude oil prices rose above $100 per barrel on Friday. Meanwhile, the average price of gasoline in the U.S. has increased from $2.98 to $4.47 per gallon. Additionally, the price of diesel has reached $6.52 per gallon, indicating increased economic pressure due to the war.
G7 member countries have also announced that they will release 100 million barrels of crude oil and petroleum products from their strategic reserves to the market over the next four months. These developments, alongside the damage caused by the war to refineries and oil facilities, have severely impacted Iran's economic situation.
Despite increasing economic pressures, there are no signs of the Islamic Republic of Iran's surrender. It appears that Iran is prepared to take more aggressive actions. This comes as Iran's attacks on ships in the Strait of Hormuz have increased in recent days, with the U.S. Maritime Trade Operations Center reporting 7 attacks on September 28.
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