Up to 14 million barrels of oil a day are moving through the Strait of Hormuz, with Gulf crude flows recovering to between 80 and 90 per cent of prewar levels, US Energy Secretary Chris Wright has said.
Additional supplies from the Gulf are also being transported through pipelines bypassing Hormuz, Mr Wright said on Monday, addressing the 25th WPC Energy Congress in Riyadh remotely.
"The crude problem we talked a lot about – it's still there but it's mostly handled," he said, offering a more optimistic assessment than ship-tracking data suggests.
Figures from analytics firm Kpler show oil exports through Hormuz averaged slightly under nine million bpd in September, the highest monthly level since the war began, but only about 44 per cent of the 20.6 million bpd recorded in February.
About 22 vessels crossed the strait daily in the 30 days to October 12, about two thirds of them tankers, according to Kpler. The data is provisional and subject to revision as tracking information is updated, reflecting movements registered by 2pm UAE time on October 12.
Laden crude tankers leaving the Gulf carried about 8.9 million bpd over the past month, mostly from Saudi Arabia and Iraq.
The figures are not directly comparable with Mr Wright's broader recovery estimate, which includes supplies transported through bypass pipelines. Kpler's September data nevertheless suggests lower volumes through Hormuz than those cited by the US official.
Mr Wright's comments came after an attack on Riyadh airport on Saturday killed 13 people and injured about 300, underscoring the security risks facing the world's biggest oil-exporting region.
"I want to start out by strongly condemning the cowardly attacks by the Houthis on the people of Saudi Arabia, on civilian infrastructure," Mr Wright said in addressing the energy congress on Monday.
He reaffirmed Washington's commitment to the kingdom as energy ministers and industry executives gathered in Riyadh despite heightened security concerns. "We are here as your partners," he said, reiterating the US's "unwavering support for Saudi Arabia".
Mr Wright warned the recovery in crude supplies had yet to ease pressure on fuel markets, with diesel prices remaining "very high", and jet fuel and petrol prices also elevated. "The challenge is still here and the challenge is still ahead of us," he said.