The Gulf states are on course to export close to 20mn b/d of crude oil this week for the first time since the start of the Hormuz crisis on 28 February, Kpler data show (see chart). A partial week is not proof that exports can be sustained at such levels, but the upwards trend is clear and the seven-day average for loadings currently stands at 17.2mn b/d.
Exports were averaging around 18.5mn b/d prior to the start of the conflict – excluding February when regional producers ramped up exports as a precaution. A figure of 17.2mn b/d would represent 93% of pre-conflict exports, a huge improvement from the low point of just 6.3mn b/d in late-May. (CONTINUED - 674 WORDS)
