IEA: September Gulf Crude Exports at About 75% of Pre-Conflict Level

The recovery is real but incomplete: a quarter of pre-conflict export capacity is still offline, and the IEA's figure captures a single month, so it says little about whether the rebound is durable or merely a release of deferred cargoes. Saudi Arabia driving the gain concentrates the recovery in one producer, which matters for anyone tracking Gulf supply risk or the shipping and refining chains that depend on it. Whether the remaining gap closes — or stalls — is the open question.