Goldman Sachs estimates that oil exports from the Gulf, including what it described as covert shipments, have returned to the 2025 average after doubling in September. Saudi Arabia led the rebound, with export volumes rising above the country’s 2025 average, while Iran did not export crude by sea during September, according to the estimate. Analyst Eamonn Sheridan said the bank’s assessment adds weight to the market view that supply is recovering, a theme he linked to the sharp drop in oil prices seen yesterday. Goldman had already argued in a report published in late August that even if Middle East supply disruptions lasted longer, rising volumes of so-called dark shipping could cap gains in crude prices. The latest figures, Sheridan said, add support to that view. The same report also said that if supply disruptions persist, refined products and European natural gas may have more upside than crude, which aligns with the market’s current focus on diesel supply. The item was cited by BlockBeats and attributed to Jin10.
Goldman Sachs estimates that Gulf oil exports, including what it called "covert exports," have returned to the 2025 average after doubling in September, according to a Sept. 30 update cited by BlockBeats.
Saudi Arabia led the rebound. Its export volumes rose above the 2025 average, while Iran did not export crude by sea during September, Goldman said.
Analyst Eamonn Sheridan said the estimate strengthens the market theme of recovering supply. He added that this was the factor behind yesterday’s sharp drop in oil prices.
In a report released in late August, Goldman said that even if Middle East supply disruptions were to last longer, rising "dark shipping" volumes could limit the upside in crude prices. The latest data, according to the update, adds support to that view.
The report also said that if supply disruptions continue, refined products and European natural gas could have more upside than crude. That view matches the market’s current focus on diesel supply.
The item was attributed to Jin10.
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