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At the present time, 20 percent of the world’s supply of crude oil transits through the Strait of Hormuz. This volume includes oil exports from Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Iraq, and Iran. These countries account for 90 percent of the world’s spare productive capacity that could be called upon instantly in an oil supply crisis. Almost all of this spare capacity—approximately 3.5 million barrels per day (b/d)—is in Saudi Arabia.
