Market Intelligence
Middle East Oil Exports Recover Toward Pre-Conflict Levels, Goldman Sachs Says
Outbound crude and product shipments from the Persian Gulf have rebounded to approximately two-thirds of pre-war averages, according to Goldman Sachs.
Middle East exports of crude oil and petroleum products have climbed to between 15 million and 16 million barrels per day, according to Goldman Sachs research reported by Bloomberg. This export rate represents an increase of 5 million to 6 million barrels per day relative to the low point recorded in March.
Persian Gulf outbound volumes have now reached roughly two-thirds of their typical levels prior to the outbreak of the Iran conflict. Despite this recent recovery in loadings, overall regional flows remain an estimated 7 million to 8 million barrels per day below baseline figures.
Goldman Sachs analysts stated that the growing availability of exported barrels may constrain further increases in global oil prices, even if regional hostilities persist.
Source attribution
This report was written by the Global Freight editorial desk based on material published by OilPrice.com. It is an original summary and analysis, not a reproduction of the source text. Figures and claims are limited to those present in the source material.
Gulf Oil Exports Rebound Despite Iran WarGlobal Freight Briefing
The commodity and freight brief, twice weekly
Concise coverage of fuel oil, energy trading and shipping markets for professional readers. No promotional content.
Related coverage
Related blogs
Further reading across commodity trading, energy and oil markets, fuel oil and shipping logistics.
- Market Intelligence
Crude Prices Fall as Persian Gulf Oil Shipments Recover
Benchmark crude prices dropped sharply after analysts reported that oil exports from the Persian Gulf had nearly returned to pre-war levels.
- Market Intelligence
Brent Crude Stays Above $100 Despite Rebound in Hormuz Oil Flows
Global crude prices continue to hold above the $100 mark despite Middle East oil shipments recovering to pre-conflict levels.
- Shipping & Ports
US East Coast Container Spot Rates Approach Pandemic Highs, Xeneta Reports
Ocean container spot rates inbound to the US East Coast are approaching peak levels recorded during the Covid-19 pandemic amid falling service reliability, according to Xeneta.
- Shipping & Ports
VLCC Acquisitions Rise as Owners Position for Sustained Rate Strength
Shipowners are increasing purchases of very large crude carriers amid expectations of prolonged rate gains driven by Middle East volatility.
- Oil Trading
Jet fuel squeeze spreads from Asia towards Europe and the Americas
Reporting across four continents points to an aviation fuel shortage that began in Asia and now threatens schedules further west.
- Commodity Trading
Alkagesta awarded the EcoVadis Committed Badge for sustainable business practices
The Malta-based energy and commodity trading house earns the sustainability rating's entry-level recognition, with EcoVadis assessing environment, labour and human rights, ethics and sustainable procurement.