Lates News

The JPMorgan analyst report stated that about 19 million barrels of liquid fuels, including 16 million barrels of crude oil, are exported daily through the Strait of Hormuz. While countries like Saudi Arabia and the UAE can transport some oil via pipelines to other marine routes, the total amount is limited. JPMorgan estimates that the seven Gulf oil-producing countries have a total onshore crude oil storage capacity of about 343 million barrels, which is equivalent to storing 22 days of the production delay. In addition, offshore storage facilities can provide additional buffer space, with about 60 idle oil tankers in the Gulf region capable of storing about 50 million barrels of crude oil, allowing production to increase for an additional three to four days.