Middle East oil exports rise as LNG traffic through Hormuz picks up
JPMorgan said crude shipments rebounded to 98% of prewar levels, but refined product flows remained at 58% and prices stayed elevated.
- Middle East crude oil exports reached 13 million barrels per day in September, the highest level since February, as United States and allied efforts to circumvent Iran's control over the Strait show success.
- The U.S. Navy and regional allies have "become better at fending off or evading" attacks, allowing more tankers to transit the Strait, according to a Wall Street Journal analysis published Tuesday.
- Saudi Arabia increased exports to around 5.4 million barrels a day in September, while total regional shipments reached nearly 80% of prewar levels last week, according to research firm Kpler.
- Despite rising exports, The Wall Street Journal warned Iran's loss of de facto control over the Strait could increase the risk of military escalation as the country faces potential fuel shortages.
- President Donald Trump rejected an Iranian proposal on Saturday to reopen the Strait, while indirect mediation talks involving Qatar and Iranian Foreign Minister Abbas Araghchi continued without a breakthrough on Monday.
128 Articles
128 Articles
While the situation between Iran and the United States still seems to be stuck, oil traffic is taking over from Oman's coasts, according to several experts, but for the time being Europe is not benefiting from it.
The war in Iran and the blockade of the Strait of Ormuz at the end of February caused fuel prices in Europe to blaze. Despite the recovery of oil exports estimated at 16.3 million barrels/day in September...
The total oil supply from the Middle East to the world market reached 17.5 million barrels per day, which is 98 per cent of the pre-conflict level at the end of February. The crude oil supply from the Middle East recovered to 17.5 million barrels per day. This represents 98 per cent of pre-war levels, Bloomberg writes with reference to JP Morgan analysts. The oil oil supply, such as diesel and gasoline, reaches 3 million barrels per day, or 58 p…
The price of Brent oil fell about 2.5 percent yesterday, amid growing signs that more oil is coming from Gulf countries despite the ongoing conflict.
Coverage Details
Bias Distribution
- 50% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
