Gulf Oil Exports Climb Amid Mideast Conflict

Goldman Sachs has released estimates of Gulf oil exports, indicating that recent total exports have reached around 15 million to 16 million barrels per day (bpd). This is still lower than pre-war levels by 7-8 million bpd but higher than the March trough by 5-6 million bpd.

The estimates were derived using two independent methods and suggest that oil transits through the Strait of Hormuz are likely close to U.S. officials' estimate of 8-10 million barrels per day. The Strait of Hormuz handles about one-fifth of global daily seaborne oil and liquefied natural gas supplies.

Goldman Sachs notes that producers and shippers are adapting to the conflict by increasing 'dark crossings' by specialized shippers and ship-to-ship transfers.