Fact Check: "About 20 million barrels per day (bpd) of oil, condensate, and fuel pass through the Strait of Hormuz, accounting for roughly one fifth of the world’s total oil consumption."
What We Know
The Strait of Hormuz is a crucial maritime chokepoint for global oil transportation. According to the U.S. Energy Information Administration (EIA), in 2022, the average oil flow through the Strait was approximately 21 million barrels per day (bpd), which accounted for about 21% of global petroleum liquids consumption. This figure remained consistent in early 2023, with reports indicating that around 20.5 million bpd passed through the Strait from January to September 2023, as noted by Reuters. The EIA further elaborates that the Strait is vital for global energy security, with significant volumes of crude oil, condensate, and petroleum products transiting through it.
Analysis
The claim that "about 20 million barrels per day of oil, condensate, and fuel pass through the Strait of Hormuz" is supported by multiple reliable sources. The EIA's data is a primary source, providing detailed statistics on oil transit chokepoints and their significance to global energy markets. Furthermore, the consistency of the figures reported by both the EIA and Reuters lends credibility to the claim.
The assertion that this volume accounts for "roughly one fifth of the world’s total oil consumption" is also substantiated by the EIA's estimate of 21% in 2022, which aligns closely with the claim. The slight variations in reported figures (20 million bpd versus 21 million bpd) can be attributed to different time frames and methodologies in data collection but do not fundamentally alter the accuracy of the claim.
Additionally, the context provided by the EIA regarding the importance of the Strait of Hormuz as a chokepoint highlights the strategic implications of these figures. The data indicates that the Strait is not only a major transit route for oil but also for liquefied natural gas, further emphasizing its role in global energy dynamics.
Conclusion
Verdict: True
The claim that "about 20 million barrels per day (bpd) of oil, condensate, and fuel pass through the Strait of Hormuz, accounting for roughly one fifth of the world’s total oil consumption" is accurate. The evidence from credible sources such as the EIA and Reuters confirms that the Strait of Hormuz is a critical transit point for a significant portion of the world's oil supply, with figures consistently supporting the claim.
