Saudi Arabia ramps oil shipments through Hormuz since U.S.-Iran deal
Saudi Arabia has increased oil shipments through the Strait of Hormuz since the United States and Iran signed an agreement to reopen the sea route last month.
According to data from commercial intelligence firm Kpler, the Saudis have shipped approximately 34 million barrels of oil via Hormuz since June 17. Riyadh’s exports in the past two weeks are more than double the 15 million barrels the kingdom shipped through the strait from March 9 to June 17.
“Saudi crude oil flows within the Gulf are reviving following rerouting caused by months of conflict,” Kpler analyst Jashan Prema told clients in a note on Thursday. he said.
Nearly 24 million barrels of Saudi oil shipped since June 17 were loaded during or before the U.S.-Iran war, according to Kpler. The firm said this showed the Saudis were clearing a backlog of oil tankers that were unable to leave the Gulf during the conflict. It was stated that approximately 17 million barrels of Saudi oil loaded before the war remained in the Gulf.
Riyadh largely halted shipments from the Ras Tanura and Juaymah export terminals in the Gulf on March 9, after tanker traffic in Hormuz decreased due to Iranian attacks. The Kingdom redirected a significant portion of its oil exports to the Yanbu terminal on the Red Sea via the East-West pipeline.
Prema said the Saudis have now not only cleared the pre-war oil slick but also restarted export logistics in the Gulf. The analyst said 11 supertankers bound for the kingdom entered the Gulf between June 23 and July 1. He said eight of those tankers were loading oil at Saudi terminals and five were already out of Hormuz.
Following the outbreak of hostilities between the United States and Iran last week, ships continue to pass through Hormuz. Tehran attacked two merchant ships and the United States responded by launching an attack on Iran over the weekend. Tanker traffic fell to eight vessels on Sunday and then rose to 16 vessels on Wednesday, Kpler data showed.
According to the report, approximately 8.5 million barrels of crude oil passed through Hormuz on Wednesday. maritime intelligence firm Windward. According to the USA, approximately 15 million barrels of oil will pass through the Bosphorus per day in 2025. Energy Information Management.
