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Global oil markets are losing 100 million barrels every week that the Strait of Hormuz is closed, the head of Saudi Arabia’s state oil producer said.
Global oil markets lose 100 million barrels weekly while the Strait of Hormuz remains closed.
KEY POINTS
- Physical oil prices in some Asian countries have reached up to $286 per barrel, far above futures.
- Saudi Arabia's East-West pipeline is operating at full five-million-barrel-per-day capacity to bypass Hormuz.
- Global oil inventories have been materially depleted and may hit an operational floor by June or July.
- China has quietly slashed its oil imports by 25 percent from pre-war levels to help stabilize prices.
COMPANIES
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