Strait of Hormuz Closure Pushes Crude Prices Higher

What we drew from this source

The claims Via News extracted from this document. We point to the source; we don't replace it.

• The current disruption has drawn down nearly 500 million bbl from global crude stockpiles, which could hit a billion bbl by June

  60% confidence

• The territorial issue remains unresolved with Ukraine, and there is no hope of achieving a long-term settlement to the war until Russia's demand for territory in Ukraine is accepted

  60% confidence

• About 14 million bpd of global oil supply has been shuttered by the Iran war and the closure of the Strait of Hormuz

  60% confidence

• US crude oil production in the week ending May 1 fell -0.1% w/w to 13.573 million bpd, below the record high of 13.862 million bpd posted in the week of November 7

  60% confidence

• More than 80 energy facilities have been damaged during the conflict, and a recovery could take as long as two years

  60% confidence

• Russia is dragging out the Ukraine war

  60% confidence

• Iran's latest peace proposals are totally unacceptable

  60% confidence

• OPEC+ will boost crude output by 188,000 bpd in June after raising production by 206,000 bpd in May, as part of restoring the 2.2 million bpd cut made in early 2024

  60% confidence

• Crude output in the Persian Gulf has been curtailed by about 14.5 million bpd due to the US-Iran conflict

  60% confidence

• The US may restart the operation to guide commercial ships through the Strait of Hormuz with naval and air support as soon as this week

  60% confidence

• Russia's average refinery runs fell to 4.69 million bpd, the lowest in 16 years, following Ukrainian strikes in April

  60% confidence

• Crude oil stored on tankers stationary for at least 7 days fell -33% week-over-week to 103.90 million bbl in the week ended May 8

  60% confidence

• OPEC's April crude production fell by -420,000 bpd to a 35-year low of 20.55 million bpd

  60% confidence

Data points we hold from this source