Trump Admin Claims Oil Exports Normalize Despite Data Discrepancies
The Trump administration claims that oil exports from the Middle East have returned to normal levels after the US military coordinated a plan with allied Gulf nations to get crude through the Strait of Hormuz. However, this claim does not seem to be supported by observable shipping traffic.
According to Energy Secretary Chris Wright, oil flows were restored to normal levels after the US military and Gulf nations collaborated on a plan to bypass the waterway via pipelines or other export facilities. But data from Kpler, an oil market data service that uses satellite imagery and shipping transponders, shows that only 84 total vessels transited the Strait of Hormuz last week, including just nine on Sunday.
This is down from more than 100 transits a day before the war and not nearly enough to carry the 9 million barrels per day through the strait that Wright claims has been traveling through the waterway. JPMorgan estimates that oil flow through the Strait of Hormuz is closer to 4 million barrels per day.