Oil shipments passing through the Strait of Hormuz have returned to levels seen before the start of the war between the United States and Iran.
United States Secretary of State Marco Rubio announced the recovery of the vital trade route following a meeting in Athens. Rubio spoke during a joint press conference alongside Greek Foreign Minister Giorgos Gerapetritis, according to Russian state news agency RIA Novosti.
Rubio told the press conference that the volume of oil deliveries travelling through the strait had practically returned to the levels recorded before the outbreak of the conflict.
The Strait of Hormuz is a narrow but crucial shipping chokepoint connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea. A significant portion of the global oil supply passes through the waterway, making it a critical artery for international energy markets and regional stability.
Persian Gulf crude exports
Recent shipping data supports the assessment from the United States government. Daily crude oil shipments leaving Persian Gulf countries exceeded prewar levels towards the end of September, according to figures from the data analytics firm Kpler.
Kpler provides data and analytics on commodity markets, including global shipping movements. The company recorded daily shipments ranging from 19.5 million to 22.5 million barrels on September 24 and from September 27 to September 29.
Before the war between the United States and Iran began, the average daily export of regional crude oil was estimated at approximately 18 million barrels.
Analysts concluded that the export results achieved during the second half of September were between 1.5 million and 4.5 million barrels higher than the levels seen before the conflict.
Global oil reserves
Despite the recovery in regional shipping volumes, the head of Saudi Arabia's national petroleum and natural gas company warned about the broader state of global energy markets.
Saudi Aramco executive director Amin Nasser complained that global oil reserves are currently sitting at frighteningly low levels. Saudi Aramco is one of the largest corporate entities in the world and manages the vast majority of the oil reserves in Saudi Arabia, a leading global crude producer.
Nasser said that the tense situation in the global oil market would continue to intensify until the Strait of Hormuz opens.
