Gulf Oil Exports Double in September to 23.3 Million Barrels Per Day, Goldman Sachs and JP Morgan Say

Gulf oil exports doubled in September, reaching 23.3 million barrels per day, according to Goldman Sachs ($GS) and JP Morgan ($JPM). Crude shipments have recovered to 108% of their 2025 average.
Refined products remain constrained, with diesel and jet fuel exports still at just 50% of normal levels due to refinery outages and shipping risks.
Goldman says the global oil market is now roughly balanced and is maintaining its $85 Brent year-end forecast.
A JP Morgan analyst warned, "But higher crossings should not be mistaken for improved safety. Rather, they reflect the industry's increasing ability to operate under sustained risk."