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Kpler Suspects Gulf Producers Are Paying Iran for Safe Passage

Kpler estimates Middle East crude and condensate exports averaged roughly 16.5 million barrels per day (bpd) in September and exceeded the pre-war average of 18 million bpd on several days during the final week of the month. That recovery has done surprisingly little to bring oil prices back down, as we noted earlier this week. Producers are moving more crude through alternative pipelines and ports, while tankers moving through Hormuz increasingly rely on U.S. military escorts and vessel-intensive chains of ship-to-ship (STS) transfers. Brent crude…