MEG crude exports hang in the balance despite June recovery amid ceasefire uncertainty
- UAE dominates Gulf exports, accounting for 58%, with the port of Fujairah leading liftings
- Liftings west of Hormuz more than doubled on the month, reaching 4.46m bpd
- Exports to China dominate liftings, making up 19% of total exports while India ranks second at 22%
- The rise in STS transfers continues, with 30% of exports now handled via STS operations — more than double the share seen in the same period of 2025
A fragile ceasefire is likely to keep exports below pre-conflict levels as shipping continues to contend with the heightened risk in the region
