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.

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