Gulf oil exports reach 23.3 million bpd as Saudi Yanbu port resumes loading

Gulf oil exports recovered to 23.3 million barrels per day in the previous week, matching the 2025 average, according to Goldman Sachs estimates published in a note dated Tuesday and reported by Jordan News. The figure includes shipments by vessels sailing with their transponders turned off. The bank also reported that exports had doubled in September compared to earlier levels. Brent crude futures stood at $98.15 per barrel by 00:45 GMT on Thursday, up 12 cents or 0.1 percent, while West Texas Intermediate fell 7 cents to $90.35 per barrel, according to trading data reported by Jordan News. Both benchmarks gained approximately $1 per barrel on Wednesday.

Saudi Arabia resumes oil loading at Yanbu port#

Saudi Arabia resumed loading oil onto tankers from the Red Sea port of Yanbu on Tuesday after restarting the East-West pipeline, Jordan News reported. The East-West pipeline connects Saudi Arabia's eastern oil fields to the Red Sea coast, providing an alternative export route. Toshitaka Tazawa, an analyst at Fujitomi Securities, stated that signs of a recovery in Middle East oil exports have created selling pressure, citing the Yanbu restart as a key factor. He noted that WTI would require a new catalyst to reach $88 per barrel. The resumption follows a period of disrupted exports from the facility.

Brent posts 14 percent monthly gain in September#

Brent recorded a monthly increase of around 14 percent in September, its biggest monthly gain since July, while WTI rose by about 5 percent over the month, according to Jordan News. Brent crude futures traded at $98.15 per barrel by 00:45 GMT on Thursday, while West Texas Intermediate stood at $90.35 per barrel. Both benchmarks gained approximately $1 per barrel on Wednesday. Toshitaka Tazawa of Fujitomi Securities noted that buying has continued amid supply concerns, while selling pressure has emerged as Middle East export volumes show signs of recovery. The monthly gains came as Gulf oil exports returned to levels consistent with the 2025 average.

US crude inventories rise 922,000 barrels in latest week#

The US Energy Information Administration reported that crude inventories rose by 922,000 barrels to 427.3 million barrels in the week ended September 25, exceeding analysts' expectations in a Reuters poll for a 264,000-barrel decline, Jordan News reported. Fuel inventories fell sharply due to strong seasonal and global demand. The inventory build came despite the monthly price gains in both Brent and WTI benchmarks. The EIA data showed crude stocks increased while refined product inventories declined, reflecting demand patterns in the final week of September.

OPEC+ expected to maintain production targets for November#

Two sources reported to Jordan News that the OPEC+ alliance was likely to maintain its oil production targets unchanged for November when it convenes on Sunday. The decision comes as Gulf oil exports have returned to levels consistent with the 2025 average of 23.3 million barrels per day, according to Goldman Sachs estimates published Tuesday. The OPEC+ meeting will take place as both Brent and WTI have posted gains over the previous month, with Brent rising 14 percent and WTI increasing 5 percent in September. The alliance's production policy has remained a focus for market participants assessing supply levels.