Oil-exporting countries are secretly shipping fossil fuels through the Strait of Hormuz, which is one of the factors holding back energy price increases, Bloomberg reported.
According to the news agency, oil tankers from the UAE, Qatar, and Kuwait have been passing through the strait with their transponders turned off for several months. Due to the covert nature of these movements, it is difficult to estimate the volume of oil being transported through the strait. However, Bloomberg noted that it is likely higher than the four million barrels per day estimated by the market.
The news agency emphasized that the movement of such vessels carries the risk of attacks. According to the report, since the start of the conflict, 23 vessels belonging to the Abu Dhabi National Oil Company have been attacked, resulting in one death and 20 injuries.
Bloomberg also pointed out that the covert transit of vessels through the Strait of Hormuz, combined with increased pipeline shipments and the tapping of national oil reserves by various countries, is helping to mitigate the economic impact of the Middle East conflict.
Earlier in August, US Energy Secretary Chris Wright stated that approximately 8-9 million barrels of oil are currently being transported through the Strait of Hormuz daily.
