Gulf of Oman Ship-to-Ship Oil Transfers Reach Limit

Ship-to-ship oil transfers in the Gulf of Oman reached capacity limits following Saudi Arabia's export diversion after an attack on its East-West Pipeline on September 13.

Analytics firm Kpler projected Saudi crude exports via Hormuz to rebound to 3.6 million barrels per day in September, up from about 900,000 barrels per day in August.

The surge in tanker demand drove the daily time charter rate for a very large crude carrier delivering oil from West Asia to China to a record $1.27 million on Monday.