Hormuz OilOil refers to a globally traded energy commodity whose price is shaped by supply, demand, inventories, geopolitics, and economic activity. The term belongs in Level 7 because it...Read More exports reached about 6.5 million bpd as ship-to-ship transfers expanded, while Gulf-to-China VLCC freight exceeded $30 a barrel.
Oil exports through the Strait of Hormuz reached about 6.5 million barrels per day so far in September as Gulf producers expanded ship-to-ship transfers south of the strait, Reuters commentary reported from Kpler data. Kpler expects Gulf of Oman transfers to reach 2.5 million bpd this month, up from 1.4 million in August. The workaround is sustaining supply, but LSEG data put Gulf-to-China VLCC freight above a record $30 per barrel, making the flow more costly and operationally complex.",
