The Strait of Hormuz transports 20 million barrels of oil per day to world markets

Against the backdrop of the regional situation over the past two weeks, prior to US President Donald Trump’s announcement yesterday of a ceasefire agreement between Iran and Israel, there has been increasing discussion about the extent of the Strait of Hormuz’s impact on global energy supply chains.

According to the US Energy Information Administration, oil flow through the Strait averaged 20 million barrels per day in 2024, equivalent to about 20% of global petroleum liquids consumption. In the first quarter of 2025, total oil flows through the Strait of Hormuz remained relatively stable compared to 2024.

The US Energy Information Administration report stated that flows through the Strait of Hormuz in 2024 and the first quarter of 2025 accounted for more than a quarter of total global seaborne oil trade and about a fifth of global consumption of oil and petroleum products. In addition, about a fifth of global liquefied natural gas (LNG) trade passed through the Strait in 2024, most of it from Qatar. The US Energy Information Administration report added that 84% of the crude oil and condensate and 83% of the liquefied natural gas (LNG) that transited the Strait of Hormuz went to Asian markets in 2024. China, India, Japan, and South Korea were the primary destinations for crude oil transiting the Strait of Hormuz to Asia, accounting for a combined 69% of total crude oil and condensate flows through Hormuz in 2024, according to CNN.

In 2024, the United States imported about half a million barrels per day of crude oil and condensate from the Persian Gulf states through the Strait of Hormuz, representing about 7% of total US crude oil and condensate imports and 2% of its petroleum liquids consumption. In 2024, US crude oil imports from the Persian Gulf reached their lowest level in nearly 40 years, with domestic production and imports from Canada increasing.