Gulf oil exports climbed sharply in June, rising by more than 3 million barrels per day compared to May to surpass 10 million barrels per day, according to new shipping data. The increase came as U.S. military involvement helped keep the Strait of Hormuz open for tanker traffic, though overall export volumes are still about 40% lower than they were before the conflict began.
The United Arab Emirates was the driving force behind the rebound, with millions of barrels of crude that had been stuck in the Gulf finally reaching global markets. The surge allowed producers to increase output and push oil prices back down to levels seen before the conflict erupted.
Data from cargo analytics firm Kpler showed combined crude and condensate exports from Saudi Arabia, the UAE, Kuwait, Iraq, and Iran climbed by more than 3.5 million barrels per day from May, reaching 10.07 million barrels per day in June. A separate estimate from analytics company Vortexa put June flows at 10.2 million barrels per day, up from 7 million in May but still well below the 16.5 million barrels per day recorded a year ago.
A June 17 agreement between the U.S. and Iran to end hostilities and reopen the Strait of Hormuz accelerated the clearing of backed-up crude shipments. Kpler analyst Johannes Rauball noted that roughly 23 million barrels were still waiting to pass through the waterway. He added that floating storage in the strait had peaked at 96 million barrels in late April.
UAE exports hit a record 3.7 million to 3.8 million barrels per day in June, according to data from Kpler, Vortexa, and LSEG — more than 1 million barrels per day above May figures.
Ship broker BRS reported that 98 tankers crossed the strait between June 22 and June 28, averaging about 14 per day — the highest rate since the conflict started. That total included 47 loaded outbound tankers and 41 empty vessels heading into the Gulf, a sign that ship owners are growing more comfortable sending their fleets back into the region.
Saudi crude exports increased by 768,000 barrels per day to reach 4.52 million barrels per day in June, per Kpler. By last week, exports were averaging around 6.3 million barrels per day — close to January levels — as Riyadh ramped up shipments from Ras Tanura.
During the conflict, Saudi Arabia and the UAE had rerouted some of their exports through pipelines that bypass the Strait of Hormuz, an alternative that Iraq and Kuwait largely did not have access to. ADNOC also employed a tanker shuttle system to keep its exports moving.
Iraq and Kuwait each saw their exports recover to around 800,000 barrels per day, according to Vortexa. Kuwait boosted production sharply in June to 1.65 million barrels per day, a source told Reuters. Iran, meanwhile, saw its exports rise by more than 70% in June to 640,000 barrels per day as the U.S. blockade was eased, Vortexa said.
