Originally Posted by
hoover
my other question then is if they are capping their wells and they will be damaged without repair then is not the market already priced in for this scenario? Meaning 20% of production is gone for years, therefore, it doesn't really matter if the straight is open or not?
20% of production being off the market includes Saudi, Kuwait, Qatar, and UAE, all of which must export the bulk of their oil through the strait. Those countries are not capping their wells and are most certainly looking forward to the day the strait opens.