Hormuz Strait Congestion May Force Asian Oil Refiners to Reduce Output

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Hormuz Strait Logjam: Asian Refiners Eye 20-30% Run Cuts Amid Middle East War

Major Asian markets like China, India, South Korea and Japan are among the most reliant on oil that needs to transit Hormuz, taking cargoes on long-term contracts from producers such as Saudi Arabia, Iraq and the United Arab Emirates.

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Moneycontrol•03-03-2026, 13:37

Hormuz Strait Logjam: Asian Refiners Eye 20-30% Run Cuts Amid Middle East War

•Asian oil refiners are considering reducing operating rates by 20-30% due to the widening Middle East war and shipping difficulties through the Strait of Hormuz.
•Dozens of oil-laden tankers are stuck in the Persian Gulf, threatening crude access for major processors.
•China and Japan, heavily reliant on Gulf crude, are most likely to implement run cuts.
•About a fifth of the world’s oil passes through Hormuz, and maritime traffic has plunged by 80% since recent escalations.
•Refiners fear not receiving Middle Eastern crude, and alternative sources from the Atlantic Basin would be costly due to high freight.

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