Satellites reveal 19 ship-to-ship oil transfers in a single day in the Gulf of Oman: Brent falls to $101.18

At least 19 ship-to-ship transfers of oil and other energy products were carried out within a single day in the Gulf of Oman, satellite images published by the ship-tracking company TankerTrackers show, as Al Jazeera reports.

According to the company, 11 of the transfers involved crude oil, two liquefied natural gas, while the rest were refined products, including petrol and diesel. The analysts cited say that the marked increase in ship-to-ship transfers is one of the main reasons for the recovery of oil exports from the Middle East, despite the war and the blockades by Iran and the U.S.

The practice works with tankers constantly moving beyond the Strait of Hormuz to unload their cargo onto other tankers waiting in the Gulf of Oman, thus avoiding the risk of a full passage through the contested strait.

Meanwhile, global oil prices have fallen after news that crude oil exports from the Middle East have exceeded pre-war levels. Brent crude futures fell by 1 percent to $101.18 per barrel, while U.S. WTI oil fell by the same amount to $95.42, according to the Reuters agency. The G7 countries have also agreed to release 100 million barrels of crude oil and diesel from emergency reserves.

“This combination is enough to keep prices under control for the moment, even though the risks of further damage to energy infrastructure and supply disruptions remain real,” said Vandana Hari, founder of the energy market analysis firm Vanda Insights, quoted by Al Jazeera.