In 2007, total world oil production amounted to approximately 85 million barrels per day (bbl/d), and around one-half, or over 43 million bbl/d of oil was moved by tankers on fixed maritime routes. The international energy market is dependent upon reliable transport. The blockage of a chokepoint, even temporarily, can lead to substantial increases in total energy costs. In addition, chokepoints leave oil tankers vulnerable to theft from pirates, terrorist attacks, and political unrest in the form of wars or hostilities and shipping accidents which can lead to disastrous oil spills.
Join the 62,918 members that receive our newsletter.
Have a news tip? Let us know.
by Victoria Klesty (Reuters) – Norway’s Hurtigruten has called off its remaining Antarctica cruises from January to March next year and will reduce capacity along the Norwegian coast because of...
by George Hay (Reuters) – If offshore wind and solar power are zero-carbon energy’s ESG golden boys, carbon capture is its problem child. Climate activists often see the process of...
By Brian K. Sullivan (Bloomberg) –Four potential tropical systems are threatening to form in the Atlantic, including a patch of thunderstorms off the Carolinas with a 70% chance of being...
