The strait of Hormuz bottleneck.

  • Saudi Arabia is the only Middle Eastern crude producer with significant export capacity outside of the Middle Eastern Gulf.
  • The UAE has roughly 750,000 b/d of spare pipeline capacity to bypass the Strait of Hormuz, however, would still see a large proportion of its exports trapped inside the Gulf.
  • Iran has next to no crude export capacity east of the Strait of Hormuz. Therefore, any move to block the Strait would halt its own exports.