Saudi Arabia Resumes Oil Exports Thanks to the Temporary Agreement Between the US and Iran
Saudi Arabia has almost returned to pre-war levels of oil export after the resumption of tanker passage through the Strait of Hormuz following a peaceful agreement between the US and Iran.
Over the past six days, the country shipped an average of 6.3 million barrels of oil per day, which corresponds to the projected volumes for 2025 and represents about 90% of the pre-war February level. This volume of exports significantly exceeds the June figure of 4.5 million barrels per day.
Saudi-flagged oil supertankers, with a combined capacity of 8 million barrels, were spotted in the Gulf of Oman after leaving the main terminals in the Persian Gulf. All these vessels belong to the tanker operator Bahri and transport oil from one of the world’s largest export terminals – Ras Tanura.
The resumption of Saudi Arabia’s exports was made possible by the temporary peace agreement between the US and Iran, which allowed for the unobstructed passage of tankers through the Strait of Hormuz. This has a positive impact on the global oil market, which faced the risk of the largest quarterly decline since the 2020 pandemic.
| Date | Export Volumes (million barrels/day) |
| June 2023 | 4.5 |
| Last 6 days | 6.3 |
