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Goldman Sachs: Gulf oil exports return to normal levels
Goldman Sachs estimated that oil exports from the Arabian Gulf recovered to around 22–23 million barrels per day over the past two weeks, approaching the average levels of 2025. However, actual oil prices remain high amid continued concerns about an escalation of the war and the possibility of renewed supply disruptions.
According to the bank, crude oil led the recovery, with Saudi shipments rising in September to nearly 12 million barrels per day—more than double the previous month's levels, based on its earlier estimates—while the UAE's exports also exceeded their usual levels.
By contrast, exports of refined products such as diesel, gasoline, and jet fuel remain at around half their normal levels due to disruptions at some refineries in the region and increased risks associated with transporting fuel.
Financial institutions differ in their estimates of the scale of the recovery. JPMorgan puts Gulf exports at around 89% of 2025 levels, attributing some of the gap to differing estimates of undeclared shipments carried by tankers that switch off their satellite tracking devices#. #FSBWarnsCrossBorderStablecoinRulesRemainUnderdeveloped #EthereumSpotETFsSee$542MNetOutflowLastWeek #SouthKoreaPushesTokenizedSecuritiesIntoBondsAndFunds #.com .
$XAU
Goldman Sachs: Gulf oil exports return to normal levels
Goldman Sachs estimated that oil exports from the Arabian Gulf recovered to around 22–23 million barrels per day over the past two weeks, approaching the average levels of 2025. However, actual oil prices remain high amid continued concerns about an escalation of the war and the possibility of renewed supply disruptions.
According to the bank, crude oil led the recovery, with Saudi shipments rising in September to nearly 12 million barrels per day—more than double the previous month's levels, based on its earlier estimates—while the UAE's exports also exceeded their usual levels.
By contrast, exports of refined products such as diesel, gasoline, and jet fuel remain at around half their normal levels due to disruptions at some refineries in the region and increased risks associated with transporting fuel.
Financial institutions differ in their estimates of the scale of the recovery. JPMorgan puts Gulf exports at around 89% of 2025 levels, attributing some of the gap to differing estimates of undeclared shipments carried by tankers that switch off their satellite tracking devices#. #FSBWarnsCrossBorderStablecoinRulesRemainUnderdeveloped #EthereumSpotETFsSee$542MNetOutflowLastWeek #SouthKoreaPushesTokenizedSecuritiesIntoBondsAndFunds #.com .