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SW WI | The pipelines I read article. Trying remember which country. The flow is slow, slow, slow as compared. 20 percent worlds oil goes thru the straight. 20 percent LNG also.
I read different article Europe and other countries are trying make deal for safe passage, don't know if true.
Venezuela last I read need investment. Also their oil is sour and heavy
Iran has moderately sour much easier to refine.
So not all refineries are set up for heavy sulfur sour crude which takes much more refining like Venezuela oil.
At least 89 ships crossed the Strait of Hormuz between March 1 and 15 – including 16 oil tankers, according to Lloyd's List Intelligence, down from roughly 100 to 135 vessel passages per day before the war. More than one-fifth of the 89 vessels were believed to be Iran-affiliated, while Chinese and Greece affiliated ships are among the rest, it said.
https://www.pbs.org/newshour/world/iran-continues-exporting-millions...
Oil traded on open market just like other commodities.
Supply and demand | |
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If the US is a net exporter and Venezuela has increased 3x output then..
