Oil Prices Stay High Despite Hormuz Recovery - Cargo Insights
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17 Articles
Iran Just Got Handed a Reality Check on the Oil War: Gulf Exports Keep Recovering While Its Own Have Fallen to Virtually Nothing
New data shows Gulf oil exports, excluding Iran, recovered to more than four-fifths of prewar levels in September, even as another tanker was struck in Hormuz on Tuesday. Shuttle tankers and pipelines are getting oil out, while Iran's own exports have fallen to virtually nothing under the US blockade.
According to the United States Wall Street Journal, oil is currently flowing through the Strait of Hormuz at the fastest rate since the outbreak of Iran's war, but the cost of transporting oil across the Strait, with continued targets, amounts to $40 million per trip.
Despite daily attacks, more tankers pass the road of Hormuz again. Washington celebrates this as a success. But appearances are deceptive: crude oil prices remain high, and Tehran has not played all the cards yet.
Exports of oil from the Gulf, outside Iran, have returned to pre-war levels. Yet, for motorists, fuelling is always very expensive. How can this shift be explained? In the Strait of Ormuz, attacks continue, and transportation and insurance are expensive. If oil circulates more, petrol and diesel are still missing.
Hormuz oil flows rise, but costs and risks could soon become unsustainable
Oil industry trackers say crude flows through the Strait of Hormuz have recovered to 13-17 million barrels a day.That may seem like a relatively modest drop from the 20 million barrels a day that flowed through the waterway before the Iran war.But...
More oil is flowing through the Strait of Hormus, although Iran is threatening commercial ships with drones and missiles. The US is militaryly securing the tankers and thus trying to keep the important route open.
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