Saudi oil output and exports rebound to pre-Iran war levels, says economy ministry chief

Saudi oil production and exports have returned to levels seen before the outbreak of the Iran war, according to Yasser Faqeeh, chief economist at the Ministry of Economy and Planning. Speaking at the Asia Summit organized by the Milken Institute, Faqeeh said that Saudi oil output and exports "have now returned to the same levels as before the war," indicating a recovery in Saudi crude flows following recent disruptions.

Tanker tracking data compiled by Bloomberg showed that Saudi oil exports in September nearly reached pre-war levels, driven by increased shipments through the Strait of Hormuz, despite the East–West pipeline being shut down for most of the month after an attack.

Saudi Arabia considers alternative oil transport routes

Despite the recovery in flows, Faqeeh noted that the Kingdom is currently exploring alternative transport options, saying Saudi Arabia "is looking at some corridors passing through Syria and Turkey, and another alternative via Iraq and Syria to reach Europe."

These remarks come as renewed tensions in the Strait of Hormuz revive earlier plans to extend oil and gas pipelines through Syria, as part of efforts to secure alternative energy export routes in the region.

Gulf investment role in Central Asia and Eurasia

Faqeeh also said that linking Central Asian corridors to Gulf networks would give the region access to Red Sea and African ports, noting that Saudi Arabia and the UAE already have a presence in Central Asia through renewable energy and mining projects.

He further highlighted the importance of Gulf sovereign capital in Eurasia, explaining that these funds take on early-stage project risks, which later helps attract development banks, commercial lenders, and companies. Faqeeh added that the success of this model is measured by the amount of additional capital it can attract as the need for government funding gradually declines in future projects.