The chart of the week highlights the critical importance of the Strait of Hormuz to global oil flows with the data from 2023. The strait is frequently mentioned, especially with the recent events in the Middle East, but its significance isn’t always fully appreciated. An astonishing 14.9 million barrels of crude oil pass through the Strait of Hormuz daily! Saudi Arabia is the largest origin country, exporting 6.2 million barrels per day through the strait. Iraq follows with 3.2 million barrels per day, while the UAE contributes 2.0 million. Kuwait, Iran, and Qatar also ship meaningful volumes through this narrow and strategically vital waterway. On the demand side, Asia is highly dependent on these flows. China alone imports 5.0 million barrels per day through the strait. India receives 1.9 million barrels per day, and Japan and South Korea each import 1.7 million barrels per day. While recent conflict in the region has pushed oil prices higher globally, the United States is less directly exposed because it relies far less on crude that transits the Strait of Hormuz. In contrast, many Asian economies are deeply dependent on this route. Overall, the Strait of Hormuz is not just a regional shipping lane, it is a cornerstone of global energy security.