Middle East oil exports near 12 million barrels per day in early June, IEA says

Average daily seaborne crude oil exports from the Middle East rose to nearly 12 million barrels per day in early June, compared with 9.6 million barrels per day in May, despite disruptions linked to the closure of the Strait of Hormuz by Iran and the United States, CNBC reports, citing data from the International Energy Agency (IEA).

Analysts said the increase was largely driven by changes in tanker operators’ strategies.

To reduce exposure to risks of strikes attributed to Iran, tanker crews have increasingly carried out ship-to-ship transfers in the Gulf of Oman.

Experts say the expected reopening of the Strait of Hormuz is unlikely to lead to a rapid recovery in shipping through this key maritime route, noting that mine clearance would be required first.

However, the IEA warned that a full recovery may not be immediate.  “Mines will have to be removed from the main shipping lanes and supply chains will take time to normalize,” the IEA added.

Overall, shipping companies remain cautious about a preliminary US–Iran agreement on a peace deal, seeking assurances that any ceasefire will be respected by both sides.

Only after that, industry observers say, could a gradual normalization of shipping through the Strait of Hormuz begin, according to Jotaro Tamura, head of the Japanese logistics company Mitsui OSK Lines.

By Bakhtiyar Abbasov