Mideast Crude Exports Fell Sharply Last Week, MS Says

Dow Jones
08/20

1055 GMT - Middle East crude exports fell sharply last week, with flows averaging 6 million barrels a day through Aug. 16, down 2.2 million barrels a day from the previous week, according to Morgan Stanley. Tanker traffic through the Strait of Hormuz has weakened further. Outbound energy-vessel transits are averaging just four a day this week, down from six last week, while inbound traffic has held at six. Both remain far below preconflict levels of 25 to 30 vessels a day in each direction. Alternative routes are offering limited relief. Saudi Arabia's Yanbu port crude loadings remain around 2 million barrels a day, with most cargoes moving north through the Sumed pipeline. Flows through Bab el-Mandeb strait are below 1 million barrels a day, though Morgan Stanley says those figures could be revised in the coming days due to so-called "dark transits."

 

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