A 4-Million-Bpd Shadow Oil Highway Is Running Through Hormuz
U.S. Treasury Secretary Scott Bessent has predicted that the Strait of Hormuz will become “irrelevant” within two years, and with Gulf oil producers already building their way around it, millions of barrels may prove him right for a short time. Months into the Iran war, the UAE,…
U.S. Treasury Secretary Scott Bessent has predicted that the Strait of Hormuz will become “irrelevant” within two years, and with Gulf oil producers already building their way around it, millions of barrels may prove him right for a short time. Months into the Iran war, the UAE,…
BELLINGS Intelligence Score: 30
Why it matters
The emergence of a 4-million-bpd shadow oil route around the Strait of Hormuz signals notable market activity with potential implications for global oil supply routes and geopolitical risk, but it is not a direct credit-market or monetary policy event.
Sources
OilPrice.com
A 4-Million-Bpd Shadow Oil Highway Is Running Through Hormuz
U.S. Treasury Secretary Scott Bessent has predicted that the Strait of Hormuz will become “irrelevant” within two years, and with Gulf oil producers already building their way around it, millions of barrels may prove him right for a short time. Months into the Iran war, the UAE,…