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Persian Gulf oil exports slip as Strait of Hormuz traffic slows

First-half July exports rose to 12 to 13.6 million barrels per day, but tanker crossings in the Strait of Hormuz have since fallen sharply, threatening output cuts.

Reported · Written up by our desk · Energy

Crude oil and condensate exports from the Persian Gulf climbed to pre-war levels in the first half of July, data from Kpler and Vortexa cited by OilPrice showed, reaching between 12 and 13.6 million barrels daily.

Flows out of Saudi Arabia, the UAE, Iraq, Iran, and Kuwait rose 16% from June over the first two weeks of July. Kpler estimated a daily average of 12 million barrels per day, while Vortexa put the figure at 13.6 million barrels per day, with Iran, Iraq, and Saudi Arabia showing the largest monthly export increases in Kpler data.

OilPrice reported the export rebound is unlikely to hold as renewed hostilities between the United States and Iran slow traffic through the Strait of Hormuz, with the analytics firms pointing to a sharp drop in tanker crossings.

Kpler analyst Johannes Rauball said the slowdown in activity would require countries to reduce output, lowering the amount of crude shipped. OilPrice also noted Barclays analyst Amarpreet Singh expects clearer evidence in the coming days on what export level is sustainable under the renewed blockades.

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