Oil exports from the Persian Gulf in October 2023 have increased to an average of 11.7 million barrels per day. This increase has occurred while attacks on oil tankers in the Strait of Hormuz continue. According to Kpler statistics, these figures indicate a return of exports to levels prior to the attacks by the United States and Israel on Iran in late February.
Oil Tankers and Attacks in the Strait of Hormuz
Attacks on oil tankers in the Strait of Hormuz reached at least 25 cases in the first 20 days of October. However, because many of these attacks have not been reported, it is estimated that this number may reach 40 to 50 oil tankers. Most of these tankers are currently facing reduced traffic in the Strait of Hormuz due to these attacks. According to Kpler, tanker traffic in this area decreased to 10.1 million barrels per day in the first week of October, which is 27 percent lower than the previous week's peak level during the conflict.
Read more: Protest by 292 Oil Industry Project Workers Against Rising Living Costs
Impacts on the Oil Market
Despite the increase in oil exports, oil prices in the physical market have decreased. Meanwhile, futures markets for oil have seen price increases due to existing concerns about oil supply from the Middle East. According to a senior commodity analyst at Marex, "The high existing risks have caused oil inventories to drop sharply, making a return to normal levels difficult." Analysts have also noted that with the decrease in heating demand during the winter season, some of the pressure on prices may ease.
Overall, the current situation in the Persian Gulf reflects complex changes in the oil market, influenced by frequent attacks on oil tankers and rising transportation costs. In these circumstances, the need to adapt to the new situation and ensure energy security is felt more than ever.
Read more: CEO of the National Iranian Oil Products Distribution Company Held a Press Conference · Woodfibre LNG Advances Its Project Completion Date
