Putin: Strait of Hormuz 'effectively closed'… Oil production could halt as soon as next month

JH Kim

Summary

It reported that Russian President Vladimir Putin warned that oil production could be disrupted due to tensions in the Strait of Hormuz.
It reported that President Putin said oil production linked to the Strait of Hormuz could be completely halted as soon as next month.
It said the Strait of Hormuz is a key energy shipping route through which about 20% of the world’s seaborne crude oil shipments pass, and that it could have a major impact on global energy markets.

Forecast Trend Report by Period

Russian President Vladimir Putin warned that oil production could be disrupted due to heightened tensions surrounding the Strait of Hormuz.

On the 9th (local time), Walter Bloomberg reported that President Putin said, "Oil production linked to the Strait of Hormuz could be completely halted as soon as next month."

He assessed the current situation by saying, "The Strait of Hormuz is effectively closed."

The Strait of Hormuz is a key energy shipping route through which about 20% of the world’s seaborne crude oil shipments pass, and any disruption to traffic there is known to have a major impact on global energy markets.