Persian Gulf oil, condensate and petroleum product exports in September 2026 (Report)

Persian Gulf oil exports recovered sharply in September 2026 despite continued geopolitical tensions, attacks on energy infrastructure and disruptions around the Strait of Hormuz. Exports of crude oil, condensate and refined petroleum products, including LPG, from the Gulf countries excluding Iran, averaged 19.2 bpd in September, equivalent to about 81% of the pre-war level of 23.6 million bpd, according to Vortexa data cited by Reuters.

The recovery was driven primarily by Saudi Arabia, while higher exports from the UAE and Iraq also contributed. However, refined-product exports continued to lag significantly behind crude flows, highlighting persistent constraints in the regional refining and transportation system.

September Export Performance

The data covers Saudi Arabia, the UAE, Iraq, Kuwait, Qatar, Oman and Bahrain, while Iran is excluded from the Gulf-flow calculation. Kpler separately estimated total September oil exports at 18.6 million bpd.

Saudi Arabia was the main source of the September rebound. Kpler data showed Saudi crude and condensate exports rising by approximately 4.2 million bpd from August to 6.6 million bpd in September. The increase more than offset declines from Kuwait and Qatar and the collapse in Iranian exports. UAE and Iraqi shipments also increased.

The September recovery demonstrates that Persian Gulf producers have adapted to restrictions around the Strait of Hormuz by using alternative export routes, ship-to-ship transfers and different loading locations.

Middle Eastern crude exports reached 16.328 million bpd in September, the highest monthly level since the conflict began, according to Kpler data cited by Reuters.

However, the alternative logistics system is facing capacity constraints. Ship-to-ship transfers in the Gulf of Oman, for example, have approached their limits as Saudi Arabia and other producers have redirected increasing volumes through Hormuz.

While crude and condensate exports recovered to 91% of pre-war levels, refined fuel and LPG exports were only around 60% of their pre-war level. This disparity is particularly important for global markets because the Middle East is a major supplier of diesel, jet fuel and other refined products.

The continued weakness in refined-product exports has contributed to tight global diesel and jet-fuel markets. In other words, the recovery in crude exports does not necessarily mean that the global petroleum supply chain has returned to normal.

September's figures suggest that Persian Gulf producers have demonstrated considerable resilience in maintaining oil flows despite regional disruptions. However, the sustainability of these export levels remains uncertain.

The key risks are renewed attacks on energy infrastructure, tanker security around Hormuz, limited shipping capacity, elevated freight and insurance costs, and continuing weakness in refined-product exports.

Consequently, the Persian Gulf oil market is moving toward a new operating pattern in which physical crude availability is recovering faster than transportation and refining capacity. This distinction will remain important for oil prices and global fuel markets through the remainder of 2026.