Strait of Hormuz Oil Flows Rebound to Two-Thirds of Pre-War Levels, Goldman Says
Oil flows through the Strait of Hormuz have recovered to around two-thirds of pre-war levels, limiting the Iran war’s impact on global crude prices according to Goldman Sachs Group Inc. The post Strait of Hormuz Oil Flows Rebound to Two-Thirds of Pre-War Levels, Goldman Says appeared first on Ventureburn .
Oil exports through the Strait of Hormuz have rebounded to around two-thirds of pre-war levels, according to Goldman Sachs Group Inc. Analysts Daan Struyven and Yulia Zhestkova Grigsby reported that total crude and oil product exports via the waterway have increased to 15-16 million barrels per day. This output remains 7-8 million barrels below pre-conflict levels, but is significantly higher than the low point of 5-6 million barrels per day in March.
Active dark crossings by specialized ships and an increase in ship-to-ship transfers indicate that producers and shippers are adapting to the Mideast conflict. Higher dark flows could help moderate crude oil prices, even if disruptions in the region persist. Global oil prices have dropped to around $89 per barrel from over $120 in April, largely due to successful exports through the strait.
While liquefied natural gas and refined fuel flows remain lower, analysts anticipate a greater price upside for European natural gas prices and deferred oil product prices in persistent disruption scenarios than for crude itself.
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