Oil producers in the Middle East continue to actively export large volumes of crude from the Persian Gulf, despite attacks on ships in the Strait of Hormuz, helping to contain the rise in oil prices.
Bloomberg reports this, citing sources.
To reduce the risks, tankers turn off their transponders, pass through the Strait of Hormuz undetected, and then transfer their oil to other ships in the Gulf of Oman, which can then head to their customers. This “dark” route has become one of the main ways to maintain global oil supplies since the outbreak of war in the Middle East.
The volume of such shipments already exceeds the market estimate of 4 million barrels per day, Bloomberg sources said. Exact figures are difficult to determine because the vessels deliberately hide their locations.
Before the war, about 20 million barrels of oil a day passed through the Strait of Hormuz — about a fifth of the world’s supply. Last week, US Energy Secretary Chris Wright said that about 9 million barrels a day had passed through the strait in the previous seven days.
According to Bloomberg, there are now about 150 ships, ranging from large oil tankers to dry bulk carriers, anchored off the coast of Oman. In January, there were about 40.
Oil is transported through the Strait of Hormuz in this way not only from the UAE, but also from Iraq, Qatar and Kuwait. Saudi Arabia has not yet used this scheme on a large scale, but its tanker company Bahri has already begun to station vessels off the coast of Oman. There are currently 16 supertankers there, with three more due to arrive in the coming days. Together, they can carry about 38 million barrels.
Despite the risks, shipping has not stopped. The UAEʼs state-owned oil company Abu Dhabi National Oil Co. said that since the war began, 23 of its ships have been attacked while passing through the Strait of Hormuz. One person was killed and 20 other crew members were injured.
“Despite repeated attacks on our vessels, we are determined to continue to safely deliver energy to global markets,” the company said.
According to Bloomberg, attacks sometimes delay shipments, but usually only for a short time. At the same time, the risks for sailors are increasing: several people have already died while passing through the strait, and oil spills are increasingly recorded in the region.
Despite the war, these schemes helped to avoid a much larger shock to the global oil market. At the beginning of the conflict, some market participants predicted that the price of oil could rise to $150 per barrel. In August, Brent is mostly trading in the $80-90 range.
What about the Strait of Hormuz?
The Strait of Hormuz, a key route for global oil exports, has remained closed since the start of the war between the United States and Iran in late February, sending global oil prices soaring.
The strait was opened on June 18, when the sides agreed to a 60-day ceasefire. The US then lifted its naval blockade of Iranian ports. However, since early July, the sides have been exchanging blows again, and Iran has declared the Strait of Hormuz closed again.
On July 13, Donald Trump announced that the US would impose a 20% levy on cargo passing through the Strait of Hormuz and renew its blockade of Iranian vessels and their customers.
Iran now regularly attacks ships that attempt to pass through the strait without its permission. The US has responded to these attacks by striking Iranian military infrastructure.
In early August, the head of Iranʼs Supreme National Security Council, Mohammad Bagher Zolghadr, released a list of demands that the United States must fulfill in order for Tehran to reopen the Strait of Hormuz. In particular, Iran is demanding the withdrawal of its troops, an end to the war, and the lifting of the naval blockade. Iran also wants the United States to compensate for the losses incurred during the war and to unblock frozen Iranian assets.
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