[Xiaomi: Middle East oil exports have returned to 90% of pre-war levels] September 30th, JPMorgan Chase’s latest report showed that with the resumption of operation of the Saudi East-West oil pipeline, Middle East oil exports are recovering rapidly. In the past five days, the 10-day average of regional crude oil and refined oil exports has remained at about 20.5 million barrels per day, equivalent to 89% of the normal level in 2025, and only about 11% lower than before the war. However, the recovery has been uneven. Crude oil exports have rebounded to 17.5 million barrels per day, equivalent to 98% of the pre-war level, indicating that the crude oil market has basically returned to normal; refined oil exports are still only about 3 million barrels per day, equivalent to 58% of the normal level, and supply constraints such as diesel and jet fuel are still obvious. JPMorgan Chase emphasized that the recovery of transportation does not mean that the security situation has improved. More precisely, it means that the energy industry has become increasingly able to maintain operations in a continued high-risk environment. Currently, the largest remaining gap in the Middle East oil market has shifted from crude oil to refined oil products.