Crude oil exports in the Persian Gulf reach pre-war levels

In a situation in the Iran war that has been deadlocked for months, there is a positive development: according to data, at least as much crude oil is being transported in the Persian Gulf as before the war. However, for products such as gasoline, the level is still extremely low.

According to a report by data provider Kpler, crude oil exports from Arab countries in the Persian Gulf are reaching levels similar to those before the outbreak of the Iran war. Crude oil exports through the Strait of Hormuz on a weekly average have recently been slightly above comparable values ​​before the attacks broke out in the strait, according to a report.

The data relates primarily to unprocessed crude oil. Refined products such as gasoline only accounted for around 19 percent of pre-war exports as of the end of the report on Monday, it said.

Exports via pipelines to the coasts outside the Gulf and a "shuttle fleet" accompanied by the US Navy play a crucial role: At least 63 VLCC supertankers are on the way, of which 35 ships make return trips through the strait approximately every 16 days, writes Kpler. The energy data provider Vortexa had already reported an increase in oil exports in the region on Monday.

Iran closed the Strait of Hormuz to shipping through threats and shelling at the start of the American-Israeli attacks in late February. Since the strait is a bottleneck for international energy trade, oil prices rose worldwide as a result. Iranian oil exports have been virtually idle for months due to a naval blockade enforced by the US Navy.

Fuel prices have risen significantly since the US and Israeli attacks on Iran began at the end of February and reached all-time record levels in Germany in September. This was noticeably reflected in the inflation rate. In an initial estimate for September, this was given as 3.3 percent. “Fuels are by far the biggest price driver,” said the chief economist of the asset manager Bantleon, Daniel Hartmann. In the most populous federal state of North Rhine-Westphalia, for example, consumers had to pay 48.7 percent more for diesel in September than a year earlier. The surcharge for gasoline was 33.8 percent. Heating oil even rose in price by 49.9 percent.