Only Saudi Arabia and UAE have been able to increase their exports
Middle East expands Asian market share
Asia’s crude supply has shifted in recent months as Mideast Gulf producers have increased exports. And that trend may continue into the new year
Many Opec+ members have failed to increase—or in some cases even maintain—their oil export volumes at target levels despite the cartel’s latest production deal. Only Saudi Arabia and UAE—with ample and low-cost capacity—were able to lift their exports over the third quarter, adding 1.9mn bl/d, according to energy market analytics firm Vortexa. But other producers have been unable to respond. Combined exports from the rest of Opec+ are down by around 1.4mn bl/d since the start of the year. This failure to boost output has contributed to Asia's growing dependence on the Mideast Gulf. Middle Eastern crude accounted for 77.2pc of Asia’s imports in Q3, or 11.91mn bl/d, compared with 71.7pc, or 1
Also in this section
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
6 March 2026
The March 2026 issue of Petroleum Economist is out now!
