US says Hormuz oil flows recover to 14 million bpd despite Saudi attacks
Up to 14 million barrels of oil a day are moving through the Strait of Hormuz , with Gulf crude flows recovering to between 80 and 90 per cent of prewar levels, US Energy Secretary Chris Wright has said. Additional supplies from the Gulf are also being transported through pipelines bypassing Hormuz, Mr Wright said on Monday, addressing the 25th WPC Energy Congress in Riyadh remotely. "The crude…
US Energy Secretary Chris Wright reported on Monday that up to 14 million barrels of oil per day are flowing through the Strait of Hormuz, marking a recovery to between 80 and 90 percent of prewar levels. This optimistic assessment comes amid ongoing crude issues, as indicated by Kpler analytics firm's September figures which show only about 44 percent of February's 20.6 million barrels per day.
The September data, however, suggests lower volumes through Hormuz compared to Wright's broader recovery estimate that includes supplies transported through bypass pipelines. Despite this, Wright reaffirmed the US commitment to Saudi Arabia, emphasizing the need to address the security risks facing the oil-exporting region following an attack on Riyadh airport that killed 13 people and injured about 300.
Wright warned that recovering crude supplies has yet to ease pressure on fuel markets, with diesel prices remaining high and jet fuel and petrol prices also elevated.
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