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- October 20, 202616°
- BIST10011,430-2.49%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,154.30-0.14%
- INTEREST37.00%-1.00
- BITCOIN81,962-0.06%
- October 20, 202616°
Gulf oil exports recover after war, exceed 10 million barrels in June
Oil exports from Gulf countries surged past 10 million barrels per day in June following the halt of the US-Israel war, Reuters reported citing Kepler data. Despite the rebound, shipments remained 40 percent below pre-war levels.
Reuters reported, based on data from Kepler, that oil exports from Gulf countries exceeded 10 million barrels per day in June, an increase of more than 3 million barrels per day from the previous month, after the US and Israel's war on Iran came to a halt.
The end of the war accelerated tanker traffic through the Strait of Hormuz, delivering millions of barrels of crude oil to global markets. However, despite this recovery, shipment levels remain roughly 40 percent below pre-war levels.
Exports from Saudi Arabia, UAE, Kuwait, Iraq and Iran rise
Kepler data showed that total crude oil and condensate exports from Saudi Arabia, the United Arab Emirates, Kuwait, Iraq and Iran rose by more than 3.5 million barrels per day compared to May, reaching 10.07 million barrels per day.
PVM analyst Tamas Varga told Reuters: "Once the market absorbs the oil still waiting on tankers and accumulated in storage, a sustainable recovery in crude prices is likely."
Shipments resume in Strait of Hormuz
Commerzbank analysts noted that oil prices have come under pressure as investor hopes grew that the Strait of Hormuz would fully reopen following talks between the US and Iran.
According to the Financial Times, Citi expects Brent crude prices could drop to as low as $60 per barrel by year-end. Citi analysts said: "We expect the memorandum of understanding to hold, not because trust suddenly emerged between the two sides, but because both have weak incentives to break the deal."
Brent crude plunges from peak
During the US and Israel war on Iran, Brent crude peaked at $126 per barrel on April 30. On Friday, Brent futures were at $71.76, down just 4 cents (0.06%), while US West Texas Intermediate crude slipped 20 cents (0.29%) to $68.49 at 11:32 GMT.
According to Reuters, some shipments through the Strait of Hormuz have resumed under the Iran-US agreement. However, uncertainty remains high after Iran attacked a cargo ship earlier this week, leading to a round of mutual strikes.
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