Hormuz blocked, but Gulf crude shipments at pre-war level

Disruptions to energy supplies through the Strait of Hormuz notwithstanding, crude shipments from the West Asian Gulf region, excluding Iran, have returned to pre-war levels as countries cut dependence on oil tankers to navigate through the choked strait. According to maritime intelligence and research firm Kpler, at least 16.5 million barrels per day (mbd) of crude left the region between Sept 1 and 28, matching the prewar average. During the peak of the West Asia war in March, the average was 10.5 mbd.While 83% of the region’s crude crossed Hormuz before the war, 40% was exported in Sept through pipelines in Saudi Arabia and the UAE without crossing the key chokepoint.Of the remaining 60% that physically crossed Hormuz, most was moved using shuttle tankers, Emmanuel Belostrino, head of global crude and geopolitical market data at Kpler, said in his analysis.Belostrino said more than 70%…