Crude oil prices on global markets drop to the level of 89 dollars

Thanks to increased shipments from the Persian Gulf and flexibility in logistic operations, crude oil prices have fallen from their peak of over 120 dollars in April to around 89 dollars per barrel.

Increase in Gulf Exports

According to a report prepared by Goldman Sachs analysts, total crude oil and petroleum product exports from the Persian Gulf have risen to a level of 15-16 million barrels per day.

While a significant recovery has been observed in shipment volume, which had dropped to 5-6 million barrels per day in March, current figures continue to remain behind pre-war levels.

Traffic in the Strait of Hormuz

It is estimated that the daily amount of oil passing through the Strait of Hormuz, one of the world's most critical oil transit points, may have approached the level of 8-10 million barrels.

While it is not easy to measure the actual trade volume in the region, it is noted that some tankers make dark passages by turning off their satellite transponders in order to avoid being tracked.

Adaptation to Wartime Conditions

The increase in alternative methods used in oil transportation and operations carried out by specialized shippers indicate that the sector has adapted to conflict conditions.

This flexibility in logistic operations can limit upward pressure on oil prices even if disruptions in the Middle East last a long time.

Drop in Prices

The renewed increase in oil outflows from the Gulf has directly contributed to the alleviation of supply concerns in the global oil market.

Crude oil prices saw record levels by exceeding 120 dollars per barrel in April, and have retreated to the 89-dollar level with the recovery of shipments.

Risks in the Energy Market

Despite the recovery in crude oil shipments, it was pointed out that risks have not entirely disappeared across the broader energy market.

It is stated that shipments of liquefied natural gas and refined petroleum products still remain at low levels.