Middle East Producers Secretly Transport Crude to Keep Global Oil Prices Stable

Despite ongoing tensions in the Middle East, oil producers are finding ways to secretly transport crude through the Strait of Hormuz, keeping global prices relatively stable.

The covert operation involves ferrying large volumes of oil out of the Persian Gulf and onto tankers in the Gulf of Oman, where it is then transferred to other vessels. According to sources, the trade has been ongoing for months and is currently running at full capacity.

While the exact volume of oil being transported through this method is difficult to track due to the secrecy surrounding it, estimates suggest that it may be higher than initially thought, with some reports suggesting it could be as high as 9 million barrels per day. This is a significant increase from pre-war levels, which averaged around 20 million barrels per day.

The oil producers involved in this operation include the United Arab Emirates, Iraq, Qatar, and Kuwait, with Saudi Arabia also showing signs of increasing its activity. The shipments have helped to keep Brent oil futures trading between $80 and $90 a barrel, well below initial predictions that it could reach as high as $150.