Confusion continues to rule the day related to global crude oil markets as a dearth of reliable data related to oil flows frustrates the ability of analysts and companies alike to make accurate assessments. Recent reports by both U.S. Energy Secretary Chris Wright and the International Energy Agency illustrate the challenge.
On Tuesday, August 11, Secretary Wright posted an estimate on his X account that crude flows through the Strait of Hormuz for the previous 7 days had been much higher than prevailing estimates:
“Thanks to the coordinated efforts of the U.S. military and our gulf allies, the seven-day average for oil leaving the Strait of Hormuz is currently up to almost 9 million barrels per day,” Wright says. “When combined with the additional 5-7 million barrels per day leaving the region via newly upgraded pipelines and export facilities, total oil flows are currently averaging approximately 15 million barrels per day. On Sunday alone, over 20 million barrels left the Arabian gulf region, which is above the pre-conflict average.”
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