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- October 23, 202611°
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- INTEREST36.00%-1.00
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- October 23, 202611°
Gulf oil exports rebound after war, top 10 million barrels per day in June
According to a Reuters report based on Kepler data, oil exports from Gulf countries exceeded 10 million barrels per day in June after the US-Israel war halted. Despite the recovery, exports remained 40 percent below pre-war levels.
Reuters news agency reported, based on data from Kepler, that oil exports from Gulf countries exceeded 10 million barrels per day in June after the US-Israel war against Iran halted, with an increase of more than 3 million barrels per day compared to the previous month.
With the end of the war, the acceleration of tanker traffic through the Strait of Hormuz allowed millions of barrels of crude oil to reach global markets. However, despite this recovery in exports, shipment levels remain about 40 percent below pre-war levels.
Exports from Saudi Arabia, UAE, Kuwait, Iraq and Iran rise
Kepler data revealed that total crude oil and condensate exports from Saudi Arabia, the United Arab Emirates, Kuwait, Iraq and Iran rose by more than 3.5 million barrels per day compared to May, reaching 10.07 million barrels per day.
PVM analyst Tamas Varga told Reuters, "When the market digests the oil still waiting on tankers and accumulated in storage, a sustainable recovery in crude prices is likely."
Shipments resume in the Strait of Hormuz
Commerzbank analysts stated that oil prices came under pressure as investor hopes strengthened that the Strait of Hormuz would fully open as a result of talks between the US and Iran.
According to the Financial Times, Citi bank forecasts that the price of Brent crude could fall to as low as $60 per barrel by year-end. Citi analysts emphasized that despite occasional flare-ups, both the US and Iran have significant reasons to adhere to the memorandum of understanding signed in mid-June.
The analysts said, "We expect the memorandum of understanding to hold; not because trust has suddenly emerged between the two sides, but because there are weak incentives for either party to break the agreement."
Brent crude falls sharply from peak
During the US-Israel war against Iran, Brent crude peaked at $126 per barrel on April 30. On Friday, Brent futures were down just 4 cents, or 0.06 percent, at $71.76 per barrel by 11:32 GMT, while US West Texas Intermediate crude fell 20 cents, or 0.29 percent, to $68.49 per barrel.
Reuters reported that some shipments through the Strait of Hormuz have resumed under the agreement between Iran and the US. However, uncertainty remains high after the two countries exchanged strikes earlier in the week following an Iranian attack on a cargo ship.
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