Oil exports from the Persian Gulf have rebounded to about 70% of pre-war levels, which could cap oil prices even if the Middle East conflict continues:
Goldman Sachs analysts note that as many as 15 to 16 million barrels per day (bpd) of crude and petroleum products are now being exported from the Middle East, about 5 to 6 million bpd above the March lows:
These volumes are still about 7-8 million bpd below February levels, but they have materially increased in recent weeks:
Oil exports through the Strait of Hormuz alone are likely close to the U.S. estimate of 8 to 10 million bpd:
The rise in dark crossings and ship-to-ship transfers shows that producers and shippers are adapting to the Mideast conflict:
