Gulf Oil Exports Rebound Despite Iran War
Oil volumes moving out of the Persian Gulf have recovered to about two-thirds of the typical levels from before the Iran war, Goldman Sachs says, noting that the jump in exports could cap oil prices even if the Middle East conflict drags on further. As many as 15 million to 16 million barrels per day (bpd) of crude and petroleum products are now leaving the whole Middle East region, about 5 to 6 million bpd above the March trough, Goldman Sachs analysts said in a note carried by Bloomberg.
Why It Matters
This story touches on goldman-sachs, iran, million — topics readers are actively tracking. Review and add editorial context before publishing.
Key Facts
- Fact 1: As many as 15 million to 16 million barrels per day (bpd) of crude and petroleum products are now leaving the whole Middle East region, about 5 to 6 million bpd above the March trough, Goldman Sachs analysts said in a note carried by Bloomberg.
- Fact 2: The total Middle Eastern volumes are still about 7-8 million bpd below the levels from February, but they have materially increased in recent weeks and could keep oil prices in check, according to the investment bank.
- Fact 3: estimate of 8 million to 10 million bpd, Goldman’s analysts noted.
- Fact 4: Earlier this week, anonymous traders told Bloomberg that Qatar and Kuwait have managed to boost their crude oil exports from the Strait of Hormuz to 70% of pre-war levels as they followed the United Arab Emirates in shuttling oil through the chokepoint and using ship-to-ship transfers in the Gulf of Oman.
Oil volumes moving out of the Persian Gulf have recovered to about two-thirds of the typical levels from before the Iran war, Goldman Sachs says, noting that the jump in exports could cap oil prices even if the Middle East conflict drags on further. As many as 15 million to 16 million barrels per day (bpd) of crude and petroleum products are now leaving the whole Middle East region, about 5 to 6 million bpd above the March trough, Goldman Sachs analysts said in a note carried by Bloomberg.
The total Middle Eastern volumes are still about 7-8 million bpd below the levels from February, but they have materially increased in recent weeks and could keep oil prices in check, according to the investment bank. Oil volumes leaving the region through the Strait of Hormuz alone are likely close to the U.S. estimate of 8 million to 10 million bpd, Goldman’s analysts noted.
(Original synthesis pending human/AI review — generated by the stub provider by selecting real sentences from the source material, not by writing new analysis or commentary.)
Keep Reading
