Strait of Hormuz · Crude Flow & Toll Impact

Where the Barrels Go — and What the Toll Costs Each Market

Crude & condensate flows from the Gulf through Hormuz to global markets. Line weight ∝ volume; figures show the annual import-bill increase at the selected toll band.
GULF STATES Saudi · UAE · Iraq · Kuwait · Qatar · Iran IRAN STRAIT OF HORMUZ ~20 Mbbl/d total EUROPE 1.5 Mbbl/d CHINA 5.5 Mbbl/d JAPAN / KOREA 3.0 Mbbl/d OTHER ASIA 2.6 Mbbl/d INDIA 2.4 Mbbl/d +$20.1B +$8.8B +$10.9B +$9.5B +$5.5B TOTAL ANNUAL IMPORT-BILL INCREASE, ALL MARKETS +$54.8B / yr ASIA SHARE OF BURDEN 90% GLOBAL BRENT UPLIFT +$2.1/bbl
Crude flow (width ∝ volume)
Bloc-leaning buyer (China)
Swing buyer (India, Other Asia)
US-aligned buyer (Europe, JP/KR)
Flow volumes: EIA/IEA 2024–25 (crude & condensate, ~15 Mbbl/d of ~20 Mbbl/d total; ~84% Asia-bound).
$ figures = annual import-bill increase = wedge × destination volume × 365. Directional model outputs; not forecasts. Brent uplift muted by exempt-share dilution (see briefing Finding 1).