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 located between Oman and Iran, connecting the Persian Gulf with the Gulf of Oman. It is recognized as the world's most significant oil transit route. 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 (EIA). In 2023, data indicated that oil flows through the Strait averaged around 20.9 million bpd, maintaining a similar proportion of about 20% of global consumption (EIA). Furthermore, a recent report highlighted that about one-fifth of the world's total oil consumption, or roughly 20 million bpd, passes through the Strait of Hormuz (Reuters).
Analysis
The claim that approximately 20 million bpd of oil, condensate, and fuel transit through the Strait of Hormuz is supported by multiple credible sources. The EIA's reports consistently indicate that the flow through this chokepoint is significant, with figures around 21 million bpd in 2022 and slightly lower in 2023, affirming that it constitutes about 20% of global oil consumption (EIA, EIA).
The reliability of these sources is high, as the EIA is a reputable government agency that provides data and analysis on energy production and consumption. Additionally, Reuters, a well-respected news organization, corroborates these figures, further enhancing the credibility of the claim (Reuters, Reuters).
While the figures may fluctuate slightly due to market conditions and geopolitical factors, the overall consensus among these sources supports the assertion that the Strait of Hormuz is a critical artery for global oil supply, with flows consistently around the claimed figure.
Conclusion
Verdict: True
The claim that about 20 million barrels per day 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. This conclusion is based on consistent data from credible sources, including the EIA and Reuters, which confirm the significance of this maritime chokepoint in global oil trade.
