With more than 80 million tonnes per annum (mtpa) of liquefied natural gas (LNG) supply, representing around 20% of global supply, being inaccessible to global markets, the Strait of Hormuz closure has the potential to spark the biggest energy supply shock in decades, according to Wood Mackenzie, an energy intelligence group, which emphasizes that oil prices could reach $200 a barrel (bbl) in a worst-case scenario, as over 11 million barrels per day (b/d) of Gulf crude and condensate supply continues to be curtailed.
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