Bloomberg: Gulf's unseen flows limit oil

Reports indicate that oil transfers from Gulf countries through the Strait of Hormuz continue extensively and discreetly, despite threats and attacks on ships. The goal is to reduce dependence on the Strait, which could become unusable within a year or two, according to U.S. Treasury Secretary Scott Penston. Large volumes of oil—exceeding the market expectations of 4 million barrels per day—are being transported across the Gulf of Oman via ships from regions such as the UAE, Iraq, Qatar, and Kuwait. These shipments utilize alternative routes and clandestine pipelines to ensure continued supply and minimize risks. Recent figures suggest that around 9 million barrels per day pass through the Strait—roughly half the pre-war levels—helping to stabilize oil prices between $80 and $90 per barrel, despite ongoing tensions and attacks. Export operations face security challenges, including attacks and oil spills. Some countries, like Saudi Arabia, are still in early phases of shifting large quantities through alternative means, considering that reliance on secret routes and the threat of conflict remains the only option to maintain supplies and mitigate economic impact.

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