Oil volumes originating from the Persian Gulf have shown a recovery, reaching about two-thirds of the levels observed before the Iran war, as reported by Goldman Sachs. This increase in exports could potentially limit oil price rises, even if the Middle East conflict continues.
Analysts from Goldman Sachs noted that approximately 15 million to 16 million barrels per day (bpd) of crude oil and petroleum products are currently being exported from the entire Middle East region. This figure represents a significant increase compared to earlier in the year.
The current export volumes are reportedly 5 million to 6 million bpd higher than the trough recorded in March. However, the total Middle Eastern volumes remain below pre-conflict levels, indicating further room for recovery.
Despite the rebound, the overall volumes from the Middle East are still estimated to be 7 million to 8 million bpd lower than the levels seen before the conflict began. This suggests that while recovery is underway, full restoration of previous export capacities has not yet been achieved.
