US EditionStrait of Hormuz Disruption Threatens to Shake Global Economy
Sinopec, China’s largest refiner, cut runs by 10%, reducing output by about 500,000 barrels daily due to Middle East crude supply disruptions from Strait of Hormuz closures.
- Sinopec, China's biggest oil refiner, cut run rates by 10%, trimming about half a million barrels daily amid the Strait of Hormuz supply disruption.
- IRGC brigadier-general Ebrahim Jabari declared the Strait of Hormuz closed, prompting about 150 oil and LNG tankers to anchor and Qatar Energy and other producers to halt production and declare force majeure.
- LNG benchmarks jumped 39% in one session as China, India, Japan, and South Korea account for nearly 70% of Hormuz flows and Sinopec imports half its crude from the Middle East.
- Wood Mackenzie analysts warned the disruption could force up to 6 million bpd cuts across Asia in April during peak refining season if emergency stockpiles are not used.
- Canada's Pacific infrastructure, including LNG Canada in Kitimat and the Trans Mountain Expansion pipeline, offers faster, cheaper Asian routes bypassing Hormuz with export capacity set to exceed 40 million tonnes.
11 Articles
11 Articles
The World Runs On Energy Chokepoints
Global energy flows depend on a handful of strategic maritime corridors. The Strait of Hormuz alone carries about 20 million barrels of crude per day, while the Strait of Malacca moves even larger volumes toward Asian markets. Disruptions across these chokepoints can quickly ripple through global energy prices and supply chains. Source: Global energy flow data | Via: @jackprandelli on X
Sinopec Slashes Refining Runs as Hormuz Disruption Squeezes Crude Supply
Sinopec, China’s biggest oil refiner, has reduced its run rates by 10%, Bloomberg reported today, citing unnamed sources, in response to the supply squeeze resulting from the traffic disruption in the Strait of Hormuz. The size of the cut is equal to about half a million barrels daily. There will also be additional output losses from maintenance operations, the sources said. The refining major accounts for about a third of China’s total refined …
Commentary: The Strait of Hormuz Closure Is Rewriting Global Risk Premiums
Commentary: The Strait of Hormuz Closure Is Rewriting Global Risk Premiums - Iran’s move to choke off the world’s most critical oil artery is forcing a permanent repricing of Gulf sovereign credit, energy supply chains, and the long-term dominance of the U.S. dollar
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