Oil product flows out of the Hormuz strait are at 35% of pre-war levels, compared with 70% for crude oil, a Goldman Sachs executive said on Tuesday.
“The Middle East supply shock is bigger for products than crude, especially for the heavier products such as diesel,” Goldman Sach’s co-head of global commodities research Daan Struvyen told the APPEC conference, without specifying exact volumes.
Around 2.2 million barrels per day of refined products such as diesel, gasoline, jet fuel and naphtha were shipped out from the Middle East via the Strait of Hormuz last year, Kpler ship-tracking data showed, with crude volumes at 14.95 million bpd.
(Reporting by Trixie Yap; Editing by Andrew Heavens)