Skip to content
You can now search across every topic, entity and event.What's new
European Oil Markets
8JUN

Four Hormuz figures that do not agree

2 min read
10:46UTC

Energy Secretary Chris Wright called 31 August a wartime record, with more than 17 million barrels crossing the strait by ship. Samir Madani of TankerTrackers.com put that day's Arabian Sea outflow at about 9.14 million.

EconomicDeveloping
Key takeaway

No vessel-level data sits behind any of the four official Hormuz throughput figures.

Energy Secretary Chris Wright told CNBC on Wednesday 2 September that more than 17 million barrels of oil crossed the strait of Hormuz by ship on Monday 31 August, which he called a record for the war 1. Samir Madani of TankerTrackers.com, an independent tanker-tracking service, put the volume exiting the Arabian Sea that day at about 9.14 million barrels, then 6.81 million on 1 September and 4.63 million on 2 September 2.

The two men may not be counting the same water. Wright counts ship transits of the strait itself, and separately adds 4 to 5 million barrels a day of Saudi and Emirati pipeline volume that bypasses it altogether. Madani counts cargo leaving the Arabian Sea, a wider gate much further out, which loses vessels running dark and gains cargoes that never crossed Hormuz at all. Neither published the vessel-level data that would let anyone else check, so the difference cannot be attributed to error rather than to method.

The American figures do not reconcile among themselves either. Two unnamed US officials gave Axios a corridor of about 10 million barrels a day on 19 August . CENTCOM's spokesman, Captain Tim Hawkins, put the escorted total at 660 million barrels since early May in a statement dated 20 August , implying roughly 6 to 7 million a day. Cooper's figure of about 750 million barrels on 28 August adds around 90 million barrels in eight days, or about 11 million a day 3. No source explains the acceleration, and no announced change in escort capacity accompanies it.

Commercial trackers could not agree on the count for a single day either, back when Kpler and S&P Global published transit totals that sat nowhere near each other , . Wright's record claim extends a documented problem rather than opening a new one. The traffic through this strait has been unauditable in every direction for three weeks, which leaves congressional oversight of the escort mission without an agreed denominator for the cost of a barrel escorted.

Deep Analysis

In plain English

Two officials gave different numbers for how much oil moved through the Strait of Hormuz on the same days, and neither published the underlying ship-by-ship data that would let anyone check. One figure counts oil that avoided the strait by pipeline instead of by ship. The two men may simply be counting different things, which matters to anyone trying to judge how much oil is actually still moving.

First Reported In

Update #175 · Iran says it re-mined the cleared lanes

The National· 3 Sept 2026
Read original
Different Perspectives
Gulf oil producer
Gulf oil producer
Secured OPEC's confirmed 188,000 b/d September increment with the next meeting set for 6 September, but the Secretariat's own 2 August release says nothing about the fourth quarter. Output guidance beyond September remains undisclosed even as delegate sourcing keeps filling that gap.
Money manager positioned in WTI
Money manager positioned in WTI
Added 21,402 lots to a 108,307 net long in NYMEX WTI in the week to 28 July, against just 1,485 added to Brent's 15,740, a roughly fourteen-to-one split. Conviction sits in the American benchmark even as the European diesel story sets the record.
Indian refiner buying Urals
Indian refiner buying Urals
Bought Russian crude at a discount that narrowed to $1-2 a barrel in the week to 29 July from over $10, as Hormuz risk pushed it toward Urals. If that risk eases with the strike now called off, the discount it is currently enjoying could re-widen just as fast.
Russian diesel exporter
Russian diesel exporter
Novak tied any lifting of the diesel export ban, due to lapse 31 July, to an unspecified market recovery with no date, and pushed the gasoline ban to end-2026. An open-ended constraint suits an exporter benefiting from the record European crack it feeds.
War-risk underwriter
War-risk underwriter
Withdrew war-risk cover for Saudi-linked hulls on 24 July and has not reinstated it, holding Bab el-Mandeb tanker transits near 7.5 a day. A cancelled strike does not by itself trigger the committee review needed to re-accept the class.
Northwest European refiner
Northwest European refiner
Sources only 17% of diesel imports from Saudi Red Sea ports against the Mediterranean's 24%, so the ARA crack at $85.86 trails the Med print by $5.81. Lower Red Sea exposure is cushioning it against the rerouting cost, not eliminating it.