Global Seaborne Crude Oil Shipments Decline by 16% Amid Iran Conflict, Impacting Global Supply
Global seaborne crude oil shipments have decreased by 16% since the onset of the Iran war, according to data from Signal Ocean. This reduction equates to a loss of 7.6 million barrels per day, significantly impacting the global oil supply chain. The conflict has led to the effective closure of the Strait of Hormuz, a critical chokepoint for oil transportation, causing tanker transits to drop sharply. Despite efforts by countries like the United Arab Emirates and Saudi Arabia to increase shipments from alternative ports, the overall supply from the Persian Gulf has fallen by 12.7 million barrels per day. Meanwhile, countries such as Venezuela and Russia have increased their shipments, with India being a primary destination for these supplies. 
