Gulf 4 countries' crude oil exports up 10% month-on-month... Dubai crude switches to contango
Original headline전월 대비 10% 늘어난 걸프 4국 원유 수출…두바이유 콘탱고 전환
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Saudi Arabia, the UAE, Iraq and Kuwait raised October crude exports by 10% month-on-month to just above 15 million barrels per day, nearing pre-war levels, according to Bloomberg ship-tracking data. The same tracking showed Iranian seaborne crude exports effectively halted, having fallen to zero in the second week of September and not recovering through October 5. Dubai crude, the Middle East benchmark, flipped into contango, with near-dated cargoes trading below later-dated ones, a signal of softening prompt demand even as Gulf volumes rise. The shift matters because it marks a partial normalization of Gulf supply alongside a full loss of Iranian barrels, leaving the market to absorb the gap from other producers and inventories. Watch whether the contango deepens and whether Iranian flows resume, with IEA members having agreed on March 11 to release 400 million barrels of strategic reserves in response to Middle East supply disruption.
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Named in this story
Iraq, UAE, Kuwait, Saudi Arabia, Iran, Bloomberg, IEA