"The crude oil market has gone from a substantial surplus to a critical situation, with the closure of the Strait of Hormuz causing nearly a fifth of global production to vanish overnight."
"Every barrel counts in the face of this sudden shortage, which has driven crude oil prices to levels not seen since Russia's invasion of Ukraine in 2022."
"Floating storage units, which are typically a marginal part of the market, have taken on a crucial dual role as Gulf countries continue loading tankers despite the closure of the Strait of Hormuz."
The closure of the Strait of Hormuz has led to a critical situation in the crude oil market, with nearly a fifth of global production disappearing. Although some shortfall has been mitigated by increased shipments through alternative pipelines and production increases elsewhere, the overall deficit remains significant. Crude oil prices have surged to levels not seen since the onset of the Ukraine conflict. Floating storage units, typically marginal, have become essential as Gulf countries continue to load tankers to store oil while awaiting a resolution between the U.S. and Iran.
Read at english.elpais.com
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