World’s top oil producer says it will use its East-West pipeline but warns of ‘catastrophic consequences’ if the Strait of Hormuz remains shut by the Iran war
World’s top oil producer says it will use its East-West pipeline but warns of ‘catastrophic consequences’ if the Strait of Hormuz remains shut by the Iran war
Asia positively freaking out, Europe on the ropes, Middle East on fire. US being propped up due to flight to safety but fundamentals have been breaking down since the Fall.
Regardless of how they cook the books/reports, it’s hard to see how this “little excursion” as Trump put it last night, doesn’t ignite a worldwide recession
Looks like Asia should be sending some naval resources judging by the customer demand from them ..
Asian countries are the primary destinations for oil flowing through the Strait of Hormuz, receiving 89.2% of all crude oil and condensate exports that transit the strait.
China is the largest recipient, accounting for 37.7% of all oil exports through the strait.
India follows with 14.7%, South Korea with 12.0%, and Japan with 10.9%.
Together, these four countries receive 69% of all crude oil and condensate flows through the strait.
In total, 84% of crude oil and condensate and 83% of liquefied natural gas (LNG) moving through the strait are destined for Asian markets
www.thetimes.com
