Oil export alternatives to the Strait of Hormuz
May 23, 2019 - The Strait of Hormuz – a vital oil artery linking Middle East producers to markets in Asia, Europe, North America and beyond – carries almost one third of the world’s seaborne crude supplies.
On average, almost 16.8 million barrels of seaborne oil passed through the narrow waterway each day in 2018.
With global oil consumption standing at about 100 million bpd, that means almost a fifth passes through the Strait, according to Reuters.
Most crude exported from Saudi Arabia, Iran, the UAE, Kuwait and Iraq – all members of the Organisation of the Petroleum Exporting Countries (OPEC) – is shipped through the waterway.
It is also the route used for nearly all the liquefied natural gas (LNG) produced by the world’s biggest LNG exporter, Qatar.