Gulf Countries' Hormuz Strait Move and Increase in Oil Flow
With Qatar and Kuwait increasing shuttle voyages, oil flow originating from the Strait of Hormuz has returned to levels of 7 to 10 million barrels.
As a result of Qatar and Kuwait increasing shuttle voyages despite risks and developing alternative transfer methods, daily oil flow originating from the Strait of Hormuz has risen to the range of 7 to 10 million barrels.
Shipment Process in the Strait of Hormuz
The first producer to initiate large-scale oil exports via the Strait of Hormuz was the United Arab Emirates, utilizing ship-to-ship transfer methods in the Gulf of Oman.
Recovery in Oil Flow
According to market data, the oil flow originating from Hormuz, which had dropped to as low as 4 million barrels per day in mid-July, has recovered and reached three-quarters of pre-war levels.
Steps Taken by Qatar and Kuwait
While Qatar and Kuwait have increased shuttle voyages at their own risk since June, QatarEnergy proposed transferring its oil in the Gulf of Oman outside of Hormuz.
Regional Risks and Attacks
The increasing shipment volumes occur during a period when the deadlock between Washington and Tehran continues, while a Kuwaiti supertanker was attacked in the strait in early August.
Impact on Global Markets
While alternative transfer channels developed by Gulf countries have eased supply concerns, the barrel price of Brent crude, which exceeded $120 in April, has dropped to the $87 level.