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U.S. energy chief says Middle East oil exports jumped, but data differs
Ship-tracking compiled by tanker monitor estimates points to a 3 million to 5 million bpd gap versus the higher export figures cited by U.S. Energy Secretary Chris Wright.
U.S. Energy Secretary Chris Wright said Middle East oil exports have rebounded to 15 million barrels per day, and that Sunday flows even topped a pre-war average of 20 million bpd, according to OilPrice. However, vessel-tracking services and commodity analysts said they cannot reconcile Wright’s numbers with tanker loadings and traffic in the region. Ship-tracking data cited in the piece suggests oil flows out of the Strait of Hormuz are, at best, about half the volume Wright referenced. The article also notes a discrepancy across export channels, with tanker-monitoring data showing a gap of between 3 million bpd and 5 million bpd. It cites estimates of roughly 9 million bpd leaving the region via all export channels so far in the month, based on data compiled by Reuters columnist Clyde Russell. Commenting on the disparity, Kpler director of commodity research Matt Smith said it is not possible to reconcile what ship data shows with what Wright is quoting. The piece adds that Kpler data earlier this week showed vessel traffic at the Strait of Hormuz continued to decline as hopes for negotiations of a U.S.-Iran deal faded, according to OilPrice.