The Strait of Hormuz blockade has removed roughly 9 million barrels per day of crude supply from the global market, and replacement barrels are not keeping pace, according to a new report by Vortexa. U.S. Gulf Coast crude oil exports have reached record highs, although this has been in large part supported by releases from the Strategic Petroleum Reserve. Additional volumes are moving through alternative routes, including pipelines via Yanbu, Fujairah, and Ceyhan, which add about 3.6 million bpd back into the system. But it isn’t enough.…
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