Four oil tankers were destroyed after hitting naval mines in an area south of the Strait of Hormuz barred to navigation by Iran, the Islamic Revolutionary Guard Corps (IRGC) said on Wednesday, as attacks on shipping in the region intensified as crude oil flows fell from recent highs.
The four tankers are still on fire, while two other vessels have been seized, the Revolutionary Guards said.
Although flows have recovered significantly from spring lows, the security situation in and near the Strait of Hormuz has actually deteriorated, with a higher number of attacks on oil tankers in recent weeks.
After hitting a post-war peak in September, Middle East exports of crude oil, condensates and fuels fell to 17.1 million barrels per day (bpd) in October, from 18.9 million bpd in September, according to Vortexa data cited by Reuters.
“October data shows that Middle East seaborne oil exports fell slightly from recent post-war peaks due to increased risks in the Strait of Hormuz,” said George Morris, an analyst at Vortexa, in comments reported by the publication.
Kpler saw a decline of 1 million b/d in total crude oil and condensate exports. Crude and condensate flows through the Strait of Hormuz, the Red Sea and the Gulf of Oman are provisionally estimated to have fallen to 16.1 million b/d in October, from 17.09 million b/d in September.
However, tanker tracking services warn that the figures could be revised upwards as more details about shipments, particularly shuttle shipments, are revealed in the coming days.
Oil flows from the Middle East region have increased significantly since the lows of April and May, but increased security concerns and intensifying attacks, mines and other explosions and incidents make it difficult to track shipments. Tanker trackers are increasingly relying on satellite imagery to confirm their movements, as ships often turn off their transponders to avoid detection as they pass through the Strait of Hormuz.
By Tsvetana Paraskova for Oilprice.com
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