MacroVoices · Thursday, July 2, 2026
Rory Johnston discusses the rapid pace of oil flows out of the Strait of Hormuz, which have exceeded 20 million barrels on some days, surpassing pre-war levels. He notes that while other routes are maxed out, the overall Middle East supply is seeing about 130% of pre-war levels, boosted by the drawdown of floating storage. Johnston anticipates this drawdown will only be sustainable for another week or two.
“The pace of flows out of Hormuz have been impressive.”
“On multiple days over the past week or two, we've seen flows out of Hormuz alone exceed 20 million barrels.”
“We've probably seen days where we've had kind of 130% or so of pre-war supply coming out of the Middle East.”
“Most notably, the drawdown of the long-stranded barrels that have been floating in the Gulf for the past three, four months now.”
“And by our numbers, you can only likely sustain that for another week or two.”