Oil shipments through the Strait of Hormuz are currently running at between 65% and 70% of pre-war levels, according to energy data provider Vortexa. This figure includes all oil products, such as liquefied petroleum gas and refined products like petrol. The data was provided in response to a query from the German news agency dpa.
Compared to the period before the war, around 80% of unprocessed crude oil and condensates are now passing through the strait. Vortexa reported that the weekly average is 11.2 million barrels of crude per day. This figure was also previously reported by the Wall Street Journal. The increase in oil shipments is a significant development, considering that Iranian military action and threats had largely blocked passage through the strait since the US and Israel began attacking Iran in late February.
Analyst Amena Bakr of data provider Kpler reported a recovery in oil exports from the Gulf. According to Kpler's data, major Middle Eastern producers exported 12.8 million barrels per day in September, down from 18.8 million in February. The data was shared on social media platform X. The recovery in oil exports is attributed to various factors, including an expansion of a so-called "shuttle fleet" that has been transporting oil through the strait.
The "shuttle fleet" consists of tankers protected by the US Navy, which travel back and forth through the strait, transporting oil from loading terminals in the Gulf to tankers waiting outside the strait. This development has contributed to the increase in oil shipments since the end of July. Additionally, an increase in oil shipments from Saudi Arabia has also contributed to the rise in exports, according to Vortexa.
The Strait of Hormuz is a critical waterway for oil exports, and any disruptions to shipments can have significant impacts on global energy markets. The increase in oil shipments through the strait is a positive development for countries reliant on oil imports. However, the situation remains fragile, and any further developments in the region could impact oil exports.
The data from Vortexa and Kpler suggests that the impact of Iranian military action on oil shipments through the Strait of Hormuz may be easing. However, the situation remains complex, and various factors could influence oil exports in the coming months. The increase in oil shipments is a welcome development for the global energy market, but it is essential to continue monitoring the situation.
The global energy market is closely watching developments in the region, as any disruptions to oil shipments can have significant impacts on global energy prices. The increase in oil shipments through the Strait of Hormuz is a positive development, but it is essential to consider various factors that could influence oil exports in the coming months. The situation remains fragile, and it is crucial to continue monitoring developments in the region.
Key points
- Oil shipments through the Strait of Hormuz have increased to 65-70% of pre-war levels.
- The increase in oil shipments is attributed to an expansion of a "shuttle fleet" and an increase in oil shipments from Saudi Arabia.
- The situation remains fragile, and various factors could influence oil exports in the coming months.
