🇴🇲🇮🇷 More oil is finally starting to make it through the Strait of Hormuz.
Around 6 to 8 million barrels a day are now crossing, still roughly half the amount moving before the Iran war.
And Gulf producers are getting creative to move even more. Some tankers carry the oil just outside the Persian Gulf, then transfer it to other ships that don’t want to risk going through Hormuz themselves.
That’s helping Saudi, Iraq, UAE, Qatar and Kuwait move more oil, while Iran’s own exports remain blocked by the U.S.
And with more barrels getting out, oil prices are finally getting some relief too.
Hormuz is still dangerous, but at least the oil traffic is moving in the right direction.
Source: Bloomberg
Around 6 to 8 million barrels a day are now crossing, still roughly half the amount moving before the Iran war.
And Gulf producers are getting creative to move even more. Some tankers carry the oil just outside the Persian Gulf, then transfer it to other ships that don’t want to risk going through Hormuz themselves.
That’s helping Saudi, Iraq, UAE, Qatar and Kuwait move more oil, while Iran’s own exports remain blocked by the U.S.
And with more barrels getting out, oil prices are finally getting some relief too.
Hormuz is still dangerous, but at least the oil traffic is moving in the right direction.
Source: Bloomberg
