re: How high will oil go?

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The Strait of Hormuz is basically only used by the Iranians.

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AI Overview

AI Overview

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The Strait of Hormuz is primarily used for the export of oil and natural gas from several Persian Gulf countries. Specifically, countries like Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Iraq, and Iran rely on it as their main maritime?? route for these resources. Additionally, major Asian economies like China, India, Japan, and South Korea are significant importers of oil and gas that travel through the Strait. 

Here's a more detailed breakdown:

Oil Exporters:

The Strait of Hormuz serves as the primary maritime export route for crude oil and natural gas produced in several Persian Gulf nations. These include Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Iraq, and Iran. 

Major Importing Nations:

A significant portion of the oil and gas passing through the Strait is destined for Asian markets. China, India, Japan, and South Korea are major consumers of these resources transported via the Strait. 

Global Impact:

Approximately one-fifth of the world's total oil consumption passes through the Strait of Hormuz daily. This makes it a critical chokepoint for global energy supplies. 

Specific Quantities:

An average of about 20 million barrels of crude oil and oil products are transported through the Strait each day. Additionally, a substantial amount of liquefied natural gas (LNG) also transits through the Strait, with some estimates indicating that 20% of global LNG flows pass through it annually. 

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