More Than 60 Million Barrels of Oil Ready to Head to Asia as Hormuz Reopens

AI Summary

Over 60 million barrels of crude oil stuck in the Persian Gulf are ready to move to Asian markets as the Strait of Hormuz reopens. Nearly three dozen supertankers are expected to ship the oil, potentially easing earlier supply shocks in Asia.

Crude cargo arrivals in Asia from the Middle East could accelerate in the coming weeks as more than 60 million barrels of oil stuck in the Persian Gulf prepare to exit the Strait of Hormuz and head to Asian markets once the chokepoint reopens to traffic.   About 62 million barrels of crude oil on nearly three dozen supertankers are expected to make their way to Asia within weeks after the Strait reopens, according to Signal Group data carried by Bloomberg. Asia, which felt the supply shock first and the most as early as in March, could now…