Oil Exports Recover Amid Middle East Tensions
Despite ongoing tensions in the Middle East, oil exports from the Gulf region have rebounded significantly. According to Goldman Sachs analysts, oil volumes moving out of the Persian Gulf are now at about two-thirds of their pre-war levels.
The investment bank estimates that around 15 million to 16 million barrels per day (bpd) of crude and petroleum products are leaving the entire Middle East region, which is approximately 5 to 6 million bpd above the March trough. This represents a material increase in recent weeks and could help keep oil prices in check.
The rise in dark crossings by specialized shippers and ship-to-ship transfers has allowed producers and shippers to adapt to the conflict. These under-the-radar operations have helped moderate the upside to crude oil prices, even if Mideast disruptions last longer.