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Market Chatter: Kuwait, Qatar Increase Crude Exports Through Strait of Hormuz

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Kuwait and Qatar have increased crude exports through the Strait of Hormuz, adding to flows that have helped limit global oil prices, Bloomberg reported Thursday.

Oil exports by the two countries have risen to almost 70% of their pre-Iran war levels, which stood at a combined 2 million barrels a day, the report said, citing unnamed traders.

About 7 to 8 mmbbl/d of oil is transiting the Strait of Hormuz now, which is almost 75% of the pre-conflict levels and higher than the average of 4 mmbbl/d seen in mid-July, traders said. On Monday, Vortexa reported seven day average oil flows of nearly 10 mmbbl/d through the crucial waterway, the report said.

Qatar and Kuwait started moving cargoes through the Hormuz around June and have since increased shipments despite the threat of Iranian attacks, the report said.

could not immediately reach out to the oil ministries of Kuwait and Qatar for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Commodities

Update: US Judge Reportedly Dismisses Lawsuit Against Trump's Offshore Drilling Expansion

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Commodities

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Commodities

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