Gulf oil exports rebound as US backs Strait of Hormuz, China snaps up 26 million barrels

Data from Kpler, Vortexa and LSEG show GCC crude and condensate exports jumped to just over 10 million barrels per day in June, up more than 3 million bpd from May but still well below the pre‑war level of 16.5 million bpd. The United Arab Emirates led the recovery with a record 3.7‑3.8 million bpd, while Saudi Arabia raised crude shipments by 768,000 bpd to 4.52 million bpd. Exports from Iraq and Kuwait returned to about 800,000 bpd each, and Iran increased output by more than 70 % to roughly 640,000 bpd as the US‑led effort helped keep oil flowing through the Strait of Hormuz.

At the same time, China purchased more than 26 million barrels of Middle‑East crude for July‑August delivery, a surge far above its normal Gulf buying of about 5.5 million bpd. The buying spree was triggered by Saudi Arabia’s decision to cut its official selling‑price discount to minus $1.5 per barrel and involved cargoes from Qatar, Saudi Arabia, the UAE and Iraq. The rapid purchase reflects broader, price‑driven demand from both state‑linked and independent refiners amid ongoing Hormuz disruptions.