Europe weighs energy-saving measures as Middle East crisis deepens
EU Energy Ministers will consider demand cuts if the Strait of Hormuz remains closed in the months ahead, according to a document seen by Euronews.
Non-Iran Middle East oil exports have bounced back to their prewar peak, with ships still passing through the Strait of Hormuz, according to new data. The weekly average of oil shipments, including those via Hormuz and alternative routes, exceeded 24.5 million barrels per day for the week ending October 18. This surpasses the 24.4 million barrels per day recorded just before the Iran war began on February 22, according to preliminary Kpler data.
The figure includes Hormuz transits, Gulf of Oman ship-to-ship net exports, Gulf of Oman terminal loadings from Fujairah and Oman ports, and Red Sea exports. Iranian exports are excluded from the data, which is an estimate and may change based on daily ship crossings at the strait. The conflict erupted on February 28 with US and Israeli strikes on Iran, followed by retaliatory attacks on Gulf neighbors and oil-carrying vessels through the Strait of Hormuz.
While the strait has been under an Iranian blockade since the conflict began, ships continue to transit through it, with about 19 commodity vessels crossing daily in the past 10 days. Before the war, more than 100 ships daily used to cross the strait, carrying oil, fertilizers, and refined products to global markets. However, Iranian attacks have led to ship owners avoiding the channel.
The International Maritime Organisation has recorded 116 attacks on ships up to October 20, resulting in 24 deaths since the conflict began. Recently, attacks have increased. The US plans to allow sanctioned ships to pass through the strait, which should boost oil flows to global markets. The "dark fleet," or shadow fleet, refers to ships sailing outside regular shipping regulations to transport cargo under sanctions or deemed high-risk, concealing it to avoid detection.
The US administration's plan involves investors buying and refurbishing idle vessels to transport legitimate oil. Oil prices have been on the rise due to the Middle East conflict, with Brent, the benchmark for two-thirds of the world's oil, trading above $110 a barrel at 1:16 pm UAE time on Wednesday. West Texas Intermediate, the gauge tracking US crude, was nearing $100 per barrel.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
