The Strait of Hormuz runs along Iran's southern coast, and global seaborne crude has no practical alternative route out of the Persian Gulf.
The underlying constraint in the market for oil and gas mineral rights is scarcity by structure.
Bab al-Mandab, the narrow southern exit of the Red Sea into the Gulf of Aden, is the primary throughput gate for seaborne commerce and Saudi oil exports, and Houthi forces moved closer to its edge on Thursday after seizi…
Venezuela holds more than 300 billion barrels of crude reserves, roughly 20% of the world's total, yet produces around 1% of global output because of twenty-five years of political instability and deteriorating field inf…