MacroVoices · Thursday, July 2, 2026
Rory Johnston reports that while outbound flows from Hormuz have averaged around 12 million barrels per day, fresh loadings are only around 5-6 million barrels per day. He notes that the remaining difference is being made up by drawdowns of floating crude. Johnston expresses surprise at the impressive number of inbound empty tankers, indicating that the constraint on loadings might not be as severe as initially anticipated.
“What we've seen in terms of coming out of Hormuz, we've seen give or take, kind of 12 million barrels a day getting out of Hormuz.”
“But we've only seen loadings of around five-ish, five to six million barrels a day.”
“I'm seeing more than 8 confirmed VLCC crossin. Inbound? Yes, inbound empty tankers.”
“Which again, is running way ahead of where I would have expected us to be at this stage in the recovery.”