The EIA today published a new report on the world’s most important crude transport chokepoints.
These are the transit points through which the world’s oil supplies pass every day.
All you need to know though can be summed up in the chart comparing total volumes among the locations.
First, here’s a map showing them:
And now the data, which shows that traffic through the Strait of Hormuz dwarfs that of all the other chokepoints combined. It also shows how inconsequential the Panama Canal is, which is why angst over the Chinese taking control of it is probably unwarranted.
Unsurprisingly, Iran continues to rebuff the notion that they would close off the Strait — they depend on it as much as anyone else.
“Iran has no other outlet for its oil, so it would be cutting off its nose to spite its own face,” one expert has told Al Jazeera.