Just how much crude oil is leaving the Strait of Hormuz?U.S. Energy Secretary Chris Wright claims almost nine million barrels per day, but the companies that track vessel movements say at best
Just how much crude oil is leaving the Strait of Hormuz?
U.S. Energy Secretary Chris Wright claims almost nine million barrels per day, but the companies that track vessel movements say at best it is about half this volume.
The amount of crude leaving the Middle East via the narrow chokepoint matters, as it's this oil that goes to Asia, the top energy-consuming region that has been hardest hit by the fallout since the U.S. and Israel attacked Iran on February 28.
Wright said on social media platform X on August 12 that "thanks to the coordinated efforts of the U.S. military and our gulf allies, the seven-day average for oil leaving the Strait of Hormuz is currently up to almost 9 million bpd."
He further said that adding in an "additional 5-7 million bpd leaving the region via newly upgraded pipelines and export facilities, total oil flows are currently averaging approximately 15 million bpd."
This would take total exports from the Middle East to around 75% of the volumes prior to the start of the conflict, and if Wright's numbers are accurate it would mean that the oil market is not nearly as tight as most analysts believe.
The
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