Saudi Arabia Ships 34 Million Barrels Of Crude Through Hormuz Since June Ceasefire

Saudi Arabia has exported an estimated 34 million barrels of crude oil through the Strait of Hormuz since the June 17 ceasefire.

This, according to analysts, is a faster-than-expected recovery in oil flow from Gulf producers even as shipping through Hormuz remains below pre-war levels.

This shows the widening gap between energy exports and commercial shipping through the Gulf as regional producers restore crude delivers though private shipowners remain wary of security risks.

According to reports, 4 outbound oil tankers changed course after receiving warnings from
Iran’s Islamic Revolutionary Guard Corps (IRGC).

Many ships continue to sail with their transponders off to avoid becoming the target of attack by Iranian forces.

Most of the crude exiting the Strait of Hormuz is being shipped by government-backed fleets or vessels sailing under sovereign insurance or vessels which are turning off their AIS transmissions.

Most independent tanker operators are avoiding the strait as the war-risk insurance premiums are 8 times higher, increasing operational costs.

Saudi Arabia has boosted oil exports since the signing of the interim peace agreement between the U.S and Iran.

United Arab Emirates has also ramped up oil production and shipments to Asia after leaving OPEC.

The UAE is successfully returning to pre-war-level crude oil exports, with alternative export routes and infrastructure.