Gulf Oil Exports Rebound Despite Iran War

Oil volumes moving out of the Persian Gulf have recovered to about two-thirds of the typical levels from before the Iran war, Goldman Sachs says, noting that the jump in exports could cap oil prices even if the Middle East conflict drags on further. As many as 15 million to 16 million barrels per day bpd of crude and petroleum products are now leaving the whole Middle East region, about 5 to 6 million bpd above the March trough, Goldman Sachs analysts said in a note carried by Bloomberg. The total Middle Eastern volumes are still about 7-8 million bpd below the levels from February, but they have materially increased in recent weeks and could keep oil prices in check, according to the investment bank. Oil volumes leaving the region through the Strait of Hormuz alone are likely close to the U.S.