Hormuz Tensions Ease as OPEC+ Production Remains Stuck
OPEC+ production increases have stalled despite continued tension in the Strait of Hormuz. The shipping corridor, which has been a major concern for oil markets, is not producing the expected decline in crude prices.
According to Goldman Sachs, total Gulf exports remain at around 15-16 million barrels per day, which is still 7-8 million below pre-war levels and 5-6 million above the March low. This suggests that while tensions are high, the impact on oil production has been limited so far.
The recent drop in crude prices can be attributed to a shift in US policy towards sanctions over military pressure. This move has led to speculation about a potential Oman-Iran shipping corridor, which could further reduce tensions and stabilize oil markets.