Counting The Cushion

Sanctions relief and SPR draws have offset 40% of lost production, but it won’t be long until those cushions are exhausted. If Hormuz isn’t open by America’s birthday, expect far higher oil prices.

As the Iran war wraps up its fourth week the new reality of lost oil production becomes increasingly clear. While the full 20mln bbl/d previously moving through Hormuz is not totally lost, shut ins …