Will Cunliffe
Research Analyst, The Officials
High on lies
Chris Wright touts American lies, the IEA and EIA forecast major supply losses from the Gulf to persist and Japan's crude diet has shifted.
Chris Wright touts American lies, the IEA and EIA forecast major supply losses from the Gulf to persist and Japan's crude diet has shifted.
Statistics from the US are increasingly looking like that they are the product of whatever Elon Musk and his ilk smoke. We make fun of the faulty abacus at the Labour Statistics Bureau, but it seems the whole US government needs emergency arithmetics tutoring! Energy Secretary Chris Wright claimed there are almost 9 mil b/d of oil leaving the Strait of Hormuz, plus 5-7 mil b/d loading via alternative routes such as the Fujairah and East/West pipelines. That makes approximately 15 mil b/d of oil flowing, so only around a 5 mil b/d deficit to pre-war. He is on some happy meds for sure. Every single other serious observer, from shiptrackers to analysts to majors, is counting only a few mil b/d exiting the Strait. Ships are getting blown up almost on a daily basis. We are sure the Iranians are keeping a close eye on the comings and goings and are not duped by dark AIS transits. And while some payments facilitate some exits, the majority are still encumbered. Hence, some ships get blown up or don’t risk the sailing at all.
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About Asia Edition
Benchmark reports published at the close of the trading day in Asia.
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