The Kingdom’s risk-hedging oil export hike maneuver got ink from the foreign press, as the NewYork Times monitors the ramping up of oil exports from the Kingdom and other Gulf oil producers.

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The news outlet pointed out that the Kingdom leads export surge, as its oil exports jumped by 16% through mid-June compared to the same period in May, while other producers (like the UAE and Iraq) saw their shipments up 10%, mainly toward Asian markets like China, Kpler’s head of crude oil analysis Homayoun Falakshahi said. Iran saw similar increases in its oil exports, which are almost entirely shipped to China.

“They want to make sure that they reduce the risks. That means export as much as possible, as soon as possible.” Kpler’s head of crude oil analysis Homayoun Falakshahi told the print. This serves as a precautionary measure against potential disruptions to oil facilities or shipping lanes, particularly the critical Strait of Hormuz, as the Israel-Iran conflict escalates.

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