The key arteries of the energy world
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
Where there is no access to pipelines, oil is predominantly shipped by sea. In the case of LNG, 100% of production reaches its destination via maritime transport. The recent hostilities in the Gulf have brought to the fore the economic significance of the Strait of Hormuz, when closure of the waterway turned it into a chokepoint overnight. Asia is particularly hard hit because 90% of oil and LNG leaving Hormuz has Asian countries as their destination. The rest of the world will feel the ramifications via rising oil and gas prices and inflationary pressures. Around 20% of crude oil and petroleum products depend on the strait to reach their markets, as does 20% of LNG and 30% of nitrogen-based
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