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Transcontinental geopolitical region
The Middle East is a geo-political region that is generally defined as encompassing all of Egypt and all of West Asia except for the Caucasus. It roughly corresponds with what was historically referred to in Western Europe as the Near East, which was juxtaposed with the Far East. Unlike West Asia's adherence to continental boundaries, the Middle East is demarcated by following political borders and consequently includes East Thrace in Southeast Europe because it is a part of Turkey.
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Gulf crude exports returned to pre-war levels in September, with producers increasingly relying on alternative routes and ship-to-ship transfers to bypass Hormuz. Iranian exports remain below the pre-war average.
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.
At least 16.5M barrels per day leave region in September, as pipelines and tanker transfers help exporters bypass Strait of Hormuz