In September, 40% of Middle East Gulf crude exports moved outside Hormuz, compared with 17% before the war; an Oct. 21 Oman-Dubai reading put the spread at $4.22 a barrel.
Crude and condensate shipments from the Middle East Gulf, with Iran excluded, averaged no less than 16.5 million barrels daily between Sept. 1 and Sept. 28, the group's prewar rate. The route mix had changed: 40% of regional crude exports went around the Strait of Hormuz in September, compared with 17% before the war.
More than 70% of the crude that passed through the strait in August was later transferred between tankers offshore. Tanker shuttles and ship-to-ship transfers helped keep oil moving, while freight and security remained part of delivered crude costs.
The Oct. 21 reading is consistent with more nearby crude availability; it does not show that shipping constraints have eased.
