Source: Adapted from The International Tankers Owners Pollution Federation Limited & Energy Information Administration, World Oil Transit Chokepoints.
The structure of the global oil shipping network is relatively simple. The bulk of the oil transported (60% to 70%) uses maritime transportation, which follows very specific routes and is constrained by strategic passages commonly referred to as chokepoints. The Persian Gulf is a major source of oil shipped by maritime transportation, only accessible through the Strait of Hormuz, which represents the world’s critical oil route with the equivalent of above 20 million barrels of oil transiting per day, which is about 25% of the global oil maritime trade. This route extends via maritime routes, reaching Europe through the Suez Canal, China, Japan, and South Korea through the Strait of Malacca, and North America via the Cape of Good Hope. Russian oil exports pass through the Strait of Oresund, mostly to European markets. Limited oil trade takes place across the Pacific since there are few significant producers. Most Mexican oil exports are bound for the United States, while Indonesia has ceased to be a significant oil exporter.
Major continental movements not shown on the map involved the shipment of Russian and former Soviet Republics’ petroleum to Europe by pipeline, and the shipment of Alaskan and Canadian petroleum to the United States by pipeline. Other important oil shipments are from Africa to North America and Europe, from the North Sea to Europe, and from South America to North America.
The geopolitical shift that began in 2023 with the Red Sea crisis has led to significant changes in the volumes of oil transiting several strategic passages. Between 2023 and 2024, the Suez Canal experienced a 44% decline in transit volumes, with a corresponding 52% decline at Bab el-Mandeb. Due to deviations, the Cape of Good Hope saw a 51.5% increase.