{"id":7922,"date":"2026-11-11T21:00:00","date_gmt":"2026-11-11T18:00:00","guid":{"rendered":"https:\/\/mikhailinvest.com\/crude-is-back-at-80-in-the-gulf-but-refined-products-are-stuck-at-35\/"},"modified":"2026-11-11T21:00:00","modified_gmt":"2026-11-11T18:00:00","slug":"crude-is-back-at-80-in-the-gulf-but-refined-products-are-stuck-at-35","status":"publish","type":"post","link":"https:\/\/mikhailinvest.com\/ru\/crude-is-back-at-80-in-the-gulf-but-refined-products-are-stuck-at-35\/","title":{"rendered":"Crude Is Back at 80% in the Gulf, but Refined Products Are Stuck at 35%"},"content":{"rendered":"

The story in the Strait of Hormuz has been that Middle Eastern crude exports have recovered to about 80% to 85% of pre-war levels, including pipeline shipments, while refined-product exports remain muted.<\/p>\n

The uneven recovery shows how Gulf producers prioritize crude oil shipments over refined products as the Hormuz chokepoint remains vulnerable despite encouraging diplomatic signals<\/a>.\u00a0<\/p>\n

Fereidun Fesharaki, chairman emeritus of industry consultant FGE NexantECA, said last week that while Middle Eastern crude exports, including pipeline shipments, have recovered to 80% to 85% of pre-war levels, refined-product shipments remain at around 35% to 40%.<\/p>\n

“Oil infrastructure such as refineries remains susceptible to drone strikes,” which has led Gulf producers to prioritize crude shipments, said Xavier Tang, senior market analyst for Vortexa.<\/p>\n

More good news from Hormuz on Tuesday<\/strong>, as \u0411\u043b\u0443\u043c\u0431\u0435\u0440\u0433<\/a> reports that Qatar’s liquefied natural gas loadings have reached 13 to 15 shipments per 10-day period on a moving-average basis this month, up from about 11 in October, or roughly half of pre-war levels.\u00a0<\/p>\n

The figures are based on Bloomberg, Kpler and Copernicus data.<\/p>\n

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A pickup in Qatari LNG supply reaching the global market would be welcome news for Europe, where natural gas inventories are well below seasonal norms<\/a> and gas prices trade around 82 euros per megawatt-hour, down from more than 100 euros before last week’s positive diplomatic signals erased a hefty war-risk premium in energy markets.<\/p>\n

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One of Qatar’s LNG tankers was attacked last month, but that hasn’t decreased exports or Hormuz transits. Previous attacks slowed Qatari LNG flows through Hormuz.<\/p>\n

These positive developments toward ending the conflict and easing the global energy crisis sound promising, but stockpiles worldwide have been dangerously depleted this year<\/a>. Ukraine’s relentless targeting of Russian refineries suggests that global markets will remain tight well into next year, especially for diesel.<\/p>\n

For Europe, the window to rebuild NatGas inventories has closed, with seasonal storage withdrawals already underway<\/a> for several weeks.<\/p>\n

As we reported Monday, Qatar is hedging against what could be years of Hormuz chokepoint uncertainty with deals to buy up to 7 million tons of US LNG annually from Cheniere and Woodside.\u00a0<\/p>\n

This year’s US-Iran conflict knocked out roughly 17% of Qatar’s export capacity, costing an estimated $20 billion in annual revenue. With deliveries beginning in 2030 and 2031, the deals cement America’s LNG dominance into the 2030s and reveal a striking reversal: one of the world’s largest LNG exporters is turning to its biggest rival for insurance amid Hormuz uncertainty<\/a> that will linger for years.<\/p>\n

\u041a Zerohedge.com<\/a>\u00a0<\/p>\n

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