Oil transfers off India's west coast surge as Gulf shipping congestion worsens
Gulf oil producers are pushing tanker transfers as far as India’s coast and slashing prices to keep crude flowing to Asia, as the makeshift export network around Hormuz buckles under congestion and attack . Ship-to-ship transfers in India's Gulf of Kutch reached 82 cargoes in September, equivalent to about 680,000 barrels a day, according to shipping analytics company Vortexa. Refined products…
Oil transfers from the Gulf of Oman to India's west coast are increasing as shipping congestion and attacks around the Strait of Hormuz worsen. In September, 82 ship-to-ship transfers in India's Gulf of Kutch occurred, equating to around 680,000 barrels of oil per day. Refined products accounted for 65% of this volume, with crude making up the rest.
These transfers have grown in response to the strain on the workaround that transfers crude through Hormuz before moving it to supertankers outside the strait. However, the need for longer voyages and higher costs are straining the workaround. Transfers to India are growing, though the exact scale remains unclear among analysts.
The shift could help reduce the vulnerability of alternative export routes, but it also brings the risk of transporting oil through contested routes.
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