🚨🇺🇸 🇮🇷 Iran’s blockade of Hormuz is failing: the Gulf is pumping out MORE oil than before the war
Kpler's numbers for the week through Oct. 18: 24 million barrels a day out of the region against 23.3 million prewar, and Hormuz itself back to 82% of normal even though October has seen roughly 30 ship attacks, a fifth of the war's total.
Saudi and Emirati pipelines now carry 40% of the Gulf's non-Iranian crude around the strait, up from 17% in February.
Iran's own exports stay bottled up by the US blockade.
The system doing it is ugly and EXPENSIVE.
Tankers reportedly load inside the Gulf with their trackers off, dash through under American air cover along the Omani coast, hand the cargo to another ship in the Gulf of Oman and go back in for more.
Crews get three times their monthly pay or a $25,000 bonus for one round trip, a supertanker run to China costs a record $37 a barrel in freight, war insurance has jumped from under 3% to 10% of hull value, and one ship that took an RPG through its water tank last week was carrying 2 million barrels of Iraqi crude at the time.
Credit where it's due: CENTCOM said last week that the US controls Hormuz and Tehran's "closed" claims are lies, and the volume data backs Washington.
Iran can still make the trip dangerous and the whole world is paying for it at $108 Brent, which is why gas is $6 and Trump is at 31%.
But the leverage Tehran built in April, the actual shortage of crude, appears to be gone.
Source: WSJ / Kpler / Writer: Daniel
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