Amid regional conflict, the Strait of Hormuz remains critical oil chokepoint
The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The strait is deep enough and wide enough to handle the world's largest crude oil tankers, and it is one of the world's most important oil chokepoints. Large volumes of oil flow through the strait, and very few alternative options exist to move oil out of the strait if it is closed. In 2024, oil flow through the strait averaged 20 million barrels per day (b/d), or the equivalent of about 20% of global petroleum liquids consumption. In
Caspian Sea Regional Brief
(Thu, 06 Feb 2025) The Caspian Sea region is one of the oldest oil-producing areas in the world. The four Caspian countries covered in this brief accounted for 3% of global energy production and 1% of global energy consumption in 2023, with Kazakhstan accounting for almost one-half of the region’s energy production and consumption. OPEC+ member Azerbaijan was the top producer of oil and natural gas from offshore Caspian Sea fields, and almost all of its petroleum and natural gas production comes from offshore in the Caspian Sea.
Natural gas spot prices fell across key regional trading hubs in 2024
Average natural gas spot prices at most major trading hubs in the Lower 48 states declined in 2024 compared with 2023 in real terms, according to data from Natural Gas Intelligence.