J.P. Morgan's latest report shows that with the resumption of operation of Saudi Arabia's East-West oil pipeline, Middle East oil exports are picking up rapidly. Over the past 5 days, the average value of regional crude oil and refined oil exports remained at about 20.5 million b/d, equivalent to 89% of the normal level in 2025, and only about 11% lower than before the war. However, the recovery was uneven. Crude oil exports have rebounded to 17.5 million b/d, equivalent to 98% of pre-war levels, indicating that the crude oil market has basically returned to normal; exports of refined oil products are still only about 3 million b/d, equivalent to 58% of normal levels, and supply constraints on diesel, aviation coal, etc. are still obvious. J.P. Morgan stressed that the resumption of transportation does not mean an improvement in the safety situation; more accurately, the energy industry is increasingly able to maintain operations in a continuously high-risk environment. Currently, the largest remaining gap in the Middle East oil market has shifted from crude oil to refined oil products.

J.P. Morgan's latest report shows that with the resumption of operation of Saudi Arabia's East-West oil pipeline, Middle East oil exports are picking up rapidly. Over the past 5 days, the average value of regional crude oil and refined oil exports remained at about 20.5 million b/d, equivalent to 89% of the normal level in 2025, and only about 11% lower than before the war. However, the recovery was uneven. Crude oil exports have rebounded to 17.5 million b/d, equivalent to 98% of pre-war levels, indicating that the crude oil market has basically returned to normal; exports of refined oil products are still only about 3 million b/d, equivalent to 58% of normal levels, and supply constraints on diesel, aviation coal, etc. are still obvious. J.P. Morgan stressed that the resumption of transportation does not mean an improvement in the safety situation; more accurately, the energy industry is increasingly able to maintain operations in a continuously high-risk environment. Currently, the largest remaining gap in the Middle East oil market has shifted from crude oil to refined oil products.