Gulf Producers Find Workarounds As Hormuz Tensions Persist
Kuwait’s crude oil exports have rebounded to about 1 million barrels per day (bpd), recovering to two-thirds of the 1.6 million bpd shipped through the Strait of Hormuz before the Iran war, according to a senior official at state-owned Kuwait Petroleum Corporation (KPC). Kuwait has managed to ramp u
Source: OilPrice.com
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DW NOTE
Gulf producers are routing crude through Red Sea and overland pipelines while 2,000 ships sit stranded behind Iranian mines in Hormuz. The workarounds exist because Saudi Arabia and the UAE spent the last two decades building exactly this redundancy after watching Iran threaten the strait in 2008, 2012, and 2019. What looked like expensive insurance is now the only reason 5 million barrels a day are still reaching market.