Non-Iran Middle East oil exports have surpassed prewar levels as ships continued to transit through the Strait of Hormuz, a key route for global oil supplies, despite rise in attacks on vessels.
The total oil flows, including shipments through Hormuz and alternative routes across the region, averaged more than 24.5 million barrels per day for the week ended October 18, surpassing the 24.4 million bpd for the week ending February 22, just before the Iran war broke out, according to preliminary data from Kpler.
The total volumes recorded include Hormuz transits, Gulf of Oman ship to ship net exports, Gulf of Oman terminal loadings from Fujairah and Oman ports and Red Sea exports. The data excludes Iranian exports.
The data is an estimate which is subject to change depending on ship crossings across the strait at a given time.
The conflict began on February 28 with the US and Israel attacking Iran. Tehran retaliated with attacks on its Gulf neighbours and ships carrying oil through the Strait of Hormuz, a narrow water channel in the Arabian Gulf.
The strait has been subject to an Iranian blockade since the start of the conflict, but ships are continuing to transit make it through, with about 19 commodity vessels crossing on a daily basis in the last 10 days, the data shows.
More than 100 ships a day used to cross the strait before the war, carrying oil, fertilisers and refined products to global markets. But Iranian attacks have resulted in ship owners avoiding the channel.
According to International Maritime Organisation data, there have been 116 attacks on ships up to October 20, with 24 deaths since the conflict began. Attacks have increased recently.
The US also plans to allow ships that are under sanctions to sail through the channel that is expected to help increase flows to global markets.
The dark fleet, sometimes referred to as the shadow fleet, refers to a group of ships that sail outside conventional shipping regulations. These vessels use deceptive shipping practices to transport cargo that is under sanctions or at high risk, deliberately concealing it to avoid detection.
The US administration's plan would involve investors buying and refurbishing the idle vessels before using them to transport legitimate oil.
Oil continues to trade higher amid the Middle East conflict, with Brent, the benchmark for two thirds of the world's oil, trading above $110 a barrel at 1.16pm UAE time on Wednesday. West Texas Intermediate, the gauge that tracks US crude, was nearing $100 per barrel.
