Persian Gulf oil exports surge past prewar levels despite Strait of Hormuz attacks
· Business · Hindustan Times, Wall Street Journal, Financial Times
Oil traders worry it isn’t sustainable. Preliminary figures show Hormuz oil flows, including offshore transfers in the Gulf of Oman, came to around 14 million barrels a day on average for the week through Oct. 18, or 82% of prewar levels. Middle East oil flows averaged more than 24 million barrels a day, surpassing prewar levels of 23.3 million barrels daily according to ship tracker Kpler. The resilience of oil flows marks a shift in the battle over the world’s most important energy chokepoint despite about 30 reported attacks this month. Iran can still make shipments dangerous and expensive, but its ability to deter transits has faded, weakening Tehran’s leverage with the U.S.
Why it matters
Global oil consumers face higher and less secure prices as Hormuz flows approach prewar volumes amid escalating attacks, directly impacting pump prices and energy security worldwide.
Read the original report — Hindustan Times
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.