Qatar, Kuwait, and UAE Oil Exports Surge Amid Middle East Conflict
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Before the Middle East conflict, Qatar and Kuwait collectively exported about 2 million barrels per day (bpd) of crude oil via the Strait of Hormuz.
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The UAE has managed to boost its oil exports to pre-crisis levels as early as June, as it has kept pushing crude through the Strait of Hormuz and beyond. It has been shuttling crude through the chokepoint to load it on larger vessels outside the Strait, maximizing the use of its onshore pipeline to ship crude from the west to the east of the country, bypassing Hormuz, and shipping tankers through the Strait in dark mode.
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Thanks to the shuttle services and dark activity, total oil flows through the Strait of Hormuz have now risen to about 7-8 million bpd, up from about 4 million bpd in the middle of July, according to Bloomberg's trading sources.
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BloombergHormuz Oil Flows Rising as Gulf Giants’ Ramp Up Accelerates The flow of crude through the Strait of Hormuz is creeping higher as producers across the Middle East boost exports in the face of Iran’s lingering threat to shipping. The increase is keeping global crude oil prices in check.
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Brent crude, the international benchmark for oil, dipped significantly to $88 a barrel on Wednesday following news of progress in the Iran-Oman deal. But prices still remain far higher than prewar levels, with the price per barrel in February sitting near $70.
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ZeroHedgeBrent crude futures fell to an intraday low of $86.22 a barrel early Thursday before recovering above $88 by 0630 ET. The benchmark is down 6.3% this week as traders unwind part of the war-risk premium amid growing optimism that renewed diplomatic efforts involving Iran, Oman and Qatar could reduce the threat of drone attacks on tankers in the critical waterway.
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Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 CNBC What I'm hearing from energy insiders The Great Hormuz Debate. Exactly how many ships - and how much oil - are getting through the Strait of Hormuz? With apologies to Shakespeare's Hamlet, that is the question.
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02 ZeroHedge They don't have alternative routes as Saudi Arabia and the UAE do, and struggled to ship oil out of the Persian Gulf in the first couple of months of the conflict.
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03 Financial Times Iran war approaching Ukraine-style stalemate, says shipping boss Freight rates remain at record highs while oil prices fall back on talks between Iran and Oman to reopen the Strait of Hormuz
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04 Washington Times Business Iran’s Islamic Revolutionary Guard Corps again said the Strait of Hormuz will remain closed until the U.S. respects the terms of the Islamabad Memorandum of Understanding.
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Sources (5)
- ft
- cnbc
- bloomberg
- zerohedge
- washtimes-biz