Khaberni - Shipping data shows that daily oil exports from Gulf countries decreased by at least 60% in the week ending March 15 compared to February, due to disruptions and production cuts amidst the war in the region.
The actual closure of the Strait of Hormuz, through which about one fifth of the world's oil supplies pass, forced exporters to cancel shipments and halt production in oil fields, causing the largest disruption in global supplies. Crude oil prices rose to their highest levels in four years, and some fuel prices reached record high levels.
Reuters, citing analysts' estimates, reported that the total crude oil production cut in the Middle East currently ranges between seven and 10 million barrels per day. Meanwhile, data from the international company specializing in energy market, commodity, and maritime shipping analytics, "Kepler," indicated that the average exports of crude oil, condensates, and refined fuel from eight Middle Eastern countries, which are Saudi Arabia, Kuwait, Iran, Iraq, Oman, Qatar, Bahrain, and the UAE, reached 9.71 million barrels per day during the week ending March 15, a decline of 61% from 25.13 million barrels per day in February.
Data from the company specializing in global oil trade and energy supply chain analytics "Vortexa" showed an even sharper decrease, recording exports at 7.5 million barrels per day from the eight countries last week, a decrease of 71% from February, which recorded exports of 26.1 million barrels per day.
Before the war, these eight countries accounted for 36% of the total sea-borne oil exports in the world, which totaled 70.43 million barrels per day according to "Kepler" data. It is also likely that some quantities did not actually leave the Gulf to their final destinations, with floating storage rising sharply.
