PETROLEUM PROBLEM

Pre-Iran War, oil shipments through the Strait of Hormuz totaled 20.5 million bbl/day. About 5 million barrels are now rerouted via Saudi pipelines to Yanbu, while a UAE pipeline to Fujairah carries 500,000 bbl/day. Iran is exporting 1.7 million barrels of its own oil plus another 500,000 from other nations, Iraq 300,000, and SPR releases total 3.7 million. We remain short 8.8 million bbl/day—manageable, but not indefinitely.