US EIA reminder: Strait of Hormuz world’s most important oil chokepoint; almost 20% of oil traded wo

With Iran’s current threat to close the Strait of Hormuz in response to sanctions as a backdrop, the US Energy Information Agency issued an update to its “World Oil Transit Chokepoint” brief (earlier post), noting that “Hormuz is the world’s most important oil chokepoint due to its daily oil flow of almost 17 million barrels in 2011, up from between 15.5-16.0 million bbl/d in 2009-2010. Flows through the Strait in 2011 were roughly 35 percent of all seaborne traded oil, or almost 20 percent of oil traded worldwide.”

More than 85% of the crude oil exports flowing through the Strait went to Asian markets, with Japan, India, South Korea, and China representing the largest destinations, EIA said.

The Strait is located between Oman and Iran, and connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. At its narrowest point, the Strait is 21 miles wide, but the width of the shipping lane in either direction is only two miles, separated by a two-mile buffer zone.

The Strait is deep and wide enough to handle the largest crude oil tankers, with about two-thirds of oil shipments carried by tankers in excess of 150,000 deadweight tons.

The Strait of Hormuz and alternate routes (pipelines). Source: EIA. Click to enlarge.

Please read more from: http://www.greencarcongress.com/2011/12/hormuz-20111231.html