Iran War Forces a Rewrite of Global Oil Trade Routes
Oil prices are about to book yet another weekly gain as the war in the Middle East remains hot, with a pessimistic outlook. Oil exporters from the region are rushing to diversify their export channels, and importers are rushing to diversify their suppliers. The oil market is changing in what may wel
Source: OilPrice.com
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DW NOTE
The Strait has been shut for 189 days. At this point the routes aren't being "rewritten" — they've been rewritten. Every barrel that could reroute around the Cape has already done so. What's actually happening is demand destruction: global oil consumption is forecast to fall 80,000 barrels per day this year because some flows simply can't be replaced at any price.