Over the past ten days, a fragile ceasefire agreement between the U.S. and Iran has led to improved shipping conditions through the Strait of Hormuz, allowing Iraqi oil that was stranded in the Persian Gulf due to Middle East conflicts to finally be shipped out.
According to tanker tracking data, vessels carrying approximately 14 million barrels of Iraqi oil departed from the Gulf in late June and are now delivering crude to buyers in Asia, Europe, and the United States. This volume equates to an average daily shipment of around 1.4 million barrels over the past ten-day period.
The data indicates that all cargoes loaded since late February, including all shipments that were stranded in the Persian Gulf, have now set sail for their final destinations.
Hundreds of vessels were trapped in the Persian Gulf after attacks by the U.S. and Israel on February 28th brought Iran close to blockading the Strait of Hormuz. Freight activity has recovered following an agreement between the U.S. and Iran to suspend hostilities and work towards a lasting peace deal.
Tanker tracking data shows that some vessels which loaded cargo in February and March and were initially trapped in the Gulf managed to depart via the Strait of Hormuz during the early stages of the conflict.
Data further reveals that tankers have loaded about 6 million barrels of Iraqi crude so far this month, with one tanker currently anchored at Basra port. While this figure represents an increase compared to the previous two months, it remains significantly lower than Iraq's pre-conflict normal export level of approximately 100 million barrels per month.
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