Secret oil shipments through the Strait of Hormuz curb the rise in global prices - Bloomberg
Kyiv • UNN
Secret oil shipments through the Strait of Hormuz continue, with volumes exceeding 4 million barrels per day. This is curbing the rise in Brent prices, which remain in the range of $80-90 per barrel.
Despite recent attacks on vessels, covert oil shipments through the Strait of Hormuz and their transfer to tankers in the Gulf of Oman continue on a significant scale. Bloomberg reports this, citing people familiar with the shipments, UNN writes.
Details
According to sources, shipments by "dark" vessels exceed an estimated 4 million barrels per day. It is difficult to track the exact amount because the tankers conceal their locations and transmit almost no route data.
Before the war with Iran, about 20 million barrels of oil passed through the Strait of Hormuz every day—approximately one-fifth of global supplies. Last week, U.S. Energy Secretary Chris Wright said that about 9 million barrels per day had passed through the strait over the previous seven days.
Covert shipments prevent prices from rising sharply
According to traders and analysts, the continued flow of part of the supplies is one of the reasons Brent oil futures traded in the $80–90 per barrel range for most of August. At the beginning of the conflict, some market participants forecast that prices would rise to $150.
In addition to covert maritime shipments, supplies are being supported by alternative pipeline routes and the use of reserves. Barrels from Iraq, Qatar and Kuwait also pass through the Strait of Hormuz.
The UAE's state-owned oil company, Abu Dhabi National Oil Co., said it would continue supplying energy to global markets despite attacks on its vessels.
Despite repeated attacks on our vessels, we intend to continue fulfilling our duty to safely supply energy to global markets and to meet our customers' commitments and needs to the greatest extent possible