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Middle East crude oil exports have rebounded to 17.5M bbl/day on a 10-day average, or 98% of pre-war levels, despite continued risks to shipping, JPMorgan analysts said.
Alternative ways being used to move fuel out of Gulf region, but flows of refined products such as diesel still constrained
Crude oil exports from the Persian Gulf excluding Iran reached at least 16.5 million barrels per day from September 1 to 28, while new routes and offshore transfers reduced reliance on the Strait of Hormuz.