Middle East oil flows near pre-war levels

According to JPMorgan, crude oil shipments have reached 17.5 million barrels per day, returning to 98% of pre-war levels. Flows of refined petroleum products such as diesel and gasoline, however, remain at 3 million barrels per day, or 58% of pre-war levels.

Goldman Sachs said oil exports from the Persian Gulf, including so-called “dark flows,” climbed to 23.3 million barrels per day over the past week, returning to levels consistent with the 2025 average. Saudi Arabia’s estimated exports more than doubled in September, while Goldman Sachs estimated that the global oil market was roughly balanced during the month. However, the bank warned that the risk of new attacks on energy infrastructure could continue to put pressure on oil prices.