Exports of petroleum products through the Strait of Hormuz are slowly recovering, but the pace of recovery is insufficient to stop fuel prices from soaring, which is burdening consumers around the world. According to Victor Group CEO Russell Hardy and some other traders at this week's conference in Singapore, the region currently transports at least 1 million barrels of oil through this waterway every day. Data from the tanker tracking agency Vortexa showed similar levels, compared to the pre-war level of about 4 million barrels per day. Compared with crude oil exports having recovered to about half of pre-war levels, the recovery of oil products has been slow. This has led to a sharp rise in the price of fuel such as diesel, which directly affects inflation and the cost of living. Ukraine's attacks on Russian refineries have exacerbated fuel shortages in the market. Shaikh Khaled Al Sabah, general manager of international marketing for KOC, said at the S&P Global Energy Asia Pacific Petroleum Conference in Singapore: “It is no easy task to replace those products from the Gulf region.”

Exports of petroleum products through the Strait of Hormuz are slowly recovering, but the pace of recovery is insufficient to stop fuel prices from soaring, which is burdening consumers around the world. According to Victor Group CEO Russell Hardy and some other traders at this week's conference in Singapore, the region currently transports at least 1 million barrels of oil through this waterway every day. Data from the tanker tracking agency Vortexa showed similar levels, compared to the pre-war level of about 4 million barrels per day. Compared with crude oil exports having recovered to about half of pre-war levels, the recovery of oil products has been slow. This has led to a sharp rise in the price of fuel such as diesel, which directly affects inflation and the cost of living. Ukraine's attacks on Russian refineries have exacerbated fuel shortages in the market. Shaikh Khaled Al Sabah, general manager of international marketing for KOC, said at the S&P Global Energy Asia Pacific Petroleum Conference in Singapore: “It is no easy task to replace those products from the Gulf region.”