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Gulf oil producers face race to resume exports before storage fills up

Financial Times
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Gulf oil producers are racing to restart exports as global storage capacity nears saturation, threatening supply chain disruptions by mid-2026. Saudi Arabia and UAE lead efforts to accelerate production after prolonged cuts, but logistical bottlenecks delay shipments amid rising demand. Storage hubs in Asia and Europe are 90% full, forcing producers to cut prices or halt output to avoid overflow costs. Geopolitical tensions in the Strait of Hormuz add pressure, with shipping delays worsening the storage crisis and raising insurance premiums. Analysts warn of short-term price volatility, though long-term contracts may stabilize markets if exports resume within three months.
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