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Saudis Bypass Hormuz As Oil Exports From Yanbu Surge Toward 5 Million Target
Saudis Bypass Hormuz As Oil Exports From Yanbu Surge Toward 5 Million Target
One week ago, when fears that the Strait of Hormuz blockade would mean a permanent collapse in oil supply (we have since seen that Iran is allowing "friendly" ships to cross the strait, especially if they grease the toll-keeper with $2 million per crossing) hit a fever pitch and pushed the price of Brent to $120, we said that "Saudi Arabia Has Already Revived More Than Half Its Oil Exports Via Hormuz Bypass."
With Iran blocking Saudi ships from...
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Hormuz Chokepoint Claims Next Victim: World's Largest Aluminum Smelter Cuts Capacity
Hormuz Chokepoint Claims Next Victim: World's Largest Aluminum Smelter Cuts Capacity
The world's largest single-site aluminium smelter in the Middle East cut its output by about 20% on Sunday, marking yet another troubling development for the global economy. The disruption in the Strait of Hormuz is no longer just an energy story - it's now spreading into industrial metals. These second- and third-order effects could soon disrupt global supply chains and tighten aluminium availability, thus pressuring prices higher.
Bloomberg reports that Aluminium Bahrain (Alba) began a controlled, safe shutdown of three...
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