Dark tanker crossings lift Gulf oil flows to 15 million-16 million bpd

  • Dark tankers continued covert Gulf oil shipments through and around the Strait of Hormuz.
  • Goldman Sachs estimated total Gulf exports at 15 million to 16 million barrels per day, while Vortexa estimated August flows at 15 million barrels per day.
  • Reuters calculated that at least 500 million barrels of dark shipments moved from June through August, worth at least $40 billion.

Dark tanker crossings through and around the Strait of Hormuz have helped Gulf oil exports recover to roughly two-thirds of pre-war levels, although estimates vary widely because vessels are sailing with Automatic Identification System transponders disabled to avoid Iranian attacks. Goldman Sachs estimated total Gulf exports, including these shipments, at 15 million to 16 million barrels per day, while Vortexa put August exports at 15 million barrels per day, still 10 million barrels per day below pre-war volumes. Reuters analysis found industry estimates closer to two-thirds of pre-war levels, below the nearly restored levels cited by U.S. Energy Secretary Chris Wright. Brent crude futures rose above $100 per barrel on Wednesday for the first time since July, and U.S. diesel prices reached an all-time high the previous week. The covert flows include oil from Iraq, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates; Reuters calculations indicate that at least 500 million barrels worth $40 billion moved through dark shipments from June through August.

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Dark tanker crossings lift Gulf oil flows to 15 million-16 million bpd - CoinPost Terminal