Middle East Oil Flows Reach Near-Pre-War Levels Despite Ongoing Shipping Risks
The Middle East's oil export infrastructure is showing signs of recovery after a significant disruption caused by military operations in the region. According to data from JPMorgan Chase & Co., crude oil flows from the Middle East have reached 98% of pre-war levels, with daily shipments totaling 17.5 million barrels.
The Strait of Hormuz, a critical chokepoint for global oil supplies, has seen oil shipments return to around 13 million barrels per day, similar to the level at the end of June. This is despite continued risks to shipping in the region.
While the recovery is uneven and there are still risks to shipping, JPMorgan analysts believe that the Middle East's oil export arteries are flowing again, a 'remarkable recovery for a region still at war'.