Can global oil production be ramped up 20 percent to offset the closing of the Straight of Hormuz?

[MarathonMike]

Even if it's only 10 percent, then we have oil prices rise for a few months. Big deal! Iran depends almost solely on the Straight of Hormuz for their oil exports. Seems like it would be much worse for the Iranian Regime. Do I have that wrong?

 

[1srelluc]

I heard a guy this morning at the gun shop say that he does not care if it (gas) goes up a dollar a gallon because it's worth every penny to see Iran getting it's shit pushed-in.

Everyone nodded in agreement, myself included.

 

[MarathonMike]

I heard a guy this morning at the gun shop say that he does not care if it (gas) goes up a dollar a gallon because it's worth every penny to see Iran getting it's shit pushed-in.

Everyone nodded in agreement, myself included.

EXACTLY!!

 

[Cassandro]

Sell short.

 

[Jim H - VA USA]

Even if it's only 10 percent, then we have oil prices rise for a few months. Big deal! Iran depends almost solely on the Straight of Hormuz for their oil exports. Seems like it would be much worse for the Iranian Regime. Do I have that wrong?

Interesting graphic shows where the oil passing through the Straight of Hormuz comes from and where it goes. US gets only 0.5 Mb/d (total US daily consumption is 20.6 Mb/d). China get 5.4 Mb/d through Hormuz (total daily consumption is 16.4 Mb/d).

Source1 Source2

 

[DGS49]

I think it is the perception of oil availability that drives the market, not the actual availability for those who purchase it.

It stands to reason that the current panic will be short-term - a small price to pay for what is being accomplished.