Oil and liquefied gas exports from the Strait of Hormuz have reached their highest level in the past six months over the last two weeks. This news comes as U.S. military efforts to protect this waterway and clear mines have achieved positive results.
Increase in Export Volume
Admiral Brad Cooper, the U.S. Central Command commander, stated in a video message that "clearly, the momentum is increasing." He added that the main transit lines in the Strait of Hormuz have been cleared of mines, and Gulf ally countries have passed more than one billion barrels of crude oil through this waterway in recent months.
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Existing Challenges in the Region
This increase in exports occurs while global markets are facing shortages of oil and petrochemical products. Iran claims to have closed the Strait of Hormuz, while regional negotiations regarding agreed-upon transport routes have encountered difficulties. Additionally, on Saturday, Saudi Arabia witnessed new attacks, during which the country's air defense intercepted a Houthi ballistic missile fired towards Riyadh.
The Strait of Hormuz remains a vital route for global oil supply. Chris Wright, the U.S. Secretary of Energy, announced on September 13 that markets continue to depend on approximately 10 million barrels per day of oil and petrochemical products passing through this waterway.
Admiral Cooper also stated that the United States is working to increase traffic volume through the strait with Gulf allies, insurers, and shipping companies. He said, "These efforts are yielding results, and the volume of crude oil, cargo, and liquefied gas in these two weeks has been greater than any time in the past six months." Meanwhile, Cooper noted that Iran has exported "zero barrels" of oil while the United States has imposed sanctions in this strait.
Saudi Arabia has faced new attacks in September, as Houthis target energy infrastructure and other centers. This group has also threatened to attack the Saudi shipping fleet in the Red Sea, which is currently a significant oil export route.
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