Iran increased oil exports during a month of war, simultaneously restricting competitors
During the war in the Middle East, Iran significantly increased oil exports, while effectively restricting the passage of other suppliers through the Strait of Hormuz, writes Bloomberg, based on vessel tracking data.
Strait of Hormuz. Illustrative photo. Photo: AP Photo/Altaf Qadri
The total number of vessels passing through the strait sharply decreased in March — from about 135 per day to fewer than six. Most of the tankers that are still exporting oil from the Persian Gulf are linked to Iran or its partners.
Despite bombings from the US and Israel, Iran even increased production and exports: averaging 1.8 million barrels per day, which is more than last year. The softening of American sanctions also contributed, allowing Iranian oil to continue to be supplied, mainly to China.
The war also led to a sharp rise in global oil prices: Brent crude rose by almost 60% since the beginning of March. As a result, Iran significantly increased its revenues — to approximately $139 million per day.
In addition, Iran has strengthened its control over the strait and begun demanding payment and information about cargo and crew from some vessels. The introduction of an official law requiring all ships to pay for passage is even being considered.
Thus, amidst the conflict, Iran has not only maintained but also strengthened its position in the oil market, becoming one of the main economic beneficiaries of the situation.
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