How much does the worlds economy depend on the flow of oil through the Strait of Hormuz?
The Persian Gulf countries export approximately 18.2 million barrels of oil per day. Of that, approximately 17 million barrels transit through the Strait of Hormuz in tankers each day. Therefore almost one third of the world’s oil exports leave the Persian Gulf in tankers. Additionally, over 3.5 billion cubic feet of natural gas, approximately 18 percent of world shipments, travel through the Strait. There are few alternate routes for exporting Persian Gulf oil and gas, making the Strait of Hormuz a strategic chokepoint.
