Market pressure persists as rising shipping costs offset Middle East oil export recovery
- 1PVM Oil Associates stated that Middle East oil exports are recovering to pre-war levels, but market pressure continues due to rising shipping costs and a shortage of tankers.
- 2September Middle East oil exports reached an average daily shipment of approximately 12.8 million barrels, hitting 80% of pre-war levels.
- 3The International Maritime Organization confirmed 80 attacks on commercial vessels near the Strait of Hormuz since the conflict began on February 28.
So what's the key point?
The amount of oil being sent out of the Middle East has increased to pre-war levels. However, the market remains under pressure because it is becoming more expensive to rent ships and there is a shortage of available vessels.
Source Investing.com · View original ↗
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