The USA 🇺🇸 announced yesterday that it would impose a blockade on Iran 🇮🇷, thus reinforcing the closure of the Strait of Hormuz
The Strait's importance is global, and some key figures are often forgotten when considering the consequences on global economy :
🧵THREAD🧵1/8⬇️
The Strait's importance is global, and some key figures are often forgotten when considering the consequences on global economy :
🧵THREAD🧵1/8⬇️
25% of the oil exportations are going through Hormuz.
-80% of those are going to Asia (mainly China, India, South Korea and Japan)
-Saudi Arabia (1st), Iraq (3rd), UAE (5th), Kuwait (7th) are highly dependant on the strait
-80% of those are going to Asia (mainly China, India, South Korea and Japan)
-Saudi Arabia (1st), Iraq (3rd), UAE (5th), Kuwait (7th) are highly dependant on the strait
25% of the gas exportations are going through Hormuz
-Qatar, UAE, Saudi Arabia and Iran are exporting gas, which is going through Hormuz. Qatar is the 3rd world exporter.
-Qatar, UAE, Saudi Arabia and Iran are exporting gas, which is going through Hormuz. Qatar is the 3rd world exporter.
We shouldn't forget that 25-30% of seaborne oil trade is going through Hormuz, now completly struck.
Also, the Hormuz Strait is also very important for refined products, which count for 15-20% of global trades. Multiple countries don't have their own refining capabilities.
Also, the Hormuz Strait is also very important for refined products, which count for 15-20% of global trades. Multiple countries don't have their own refining capabilities.
Other crucial transformed products are transiting through the strait :
-70% of the world’s petrochemical needs are supplied from the Arabian Gulf
-33% of global fertilizer is exported from Gulf countries -> threat on global food security
-70% of the world’s petrochemical needs are supplied from the Arabian Gulf
-33% of global fertilizer is exported from Gulf countries -> threat on global food security
On the other sides, Gulf countries are dependant on food importations through the Gulf, since they import 80 to 90% of their consumption.
More than 150 million people are facing food crisis if the strait remains closed while 300 million other worldwide face similar risks.
More than 150 million people are facing food crisis if the strait remains closed while 300 million other worldwide face similar risks.
Ultimately, the closure of the strait will impact Asian countries (which are the main producers of multiple things such as electronic devices or other goods), but also the whole world (because the global economy is highly dependant on each other)...
Maintaining the strait of Hormuz open should be the top 1 priority for many states.
The situation unfolding there is important for Gulf States, but also for many countries across the world.
The situation unfolding there is important for Gulf States, but also for many countries across the world.
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