Jorge León
speaker
39 appearances
1 recordings
1 series
first heard Mar 2026
last heard 24 Mar
Jorge León’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Mar 2026 with 1.
Appearances
Before the conflict, refinery runs in the Middle East were around 26 million barrels per day.
Right now, we think the refinery runs is close to 16 million barrels per day.
I think it did.
I think no one was really anticipating that this was going to be a longer conflict.
It's Iranians' only card on the table to close the Strait of Hormuz.
At the end of the day, it all goes back to the leverage, to Iranian leverage.
They hold the Strait of Hormuz and also putting pressure on the U.S.
And a way of doing that is through attacks in energy infrastructure that would hurt the U.S.
economy through a high oil price.
I think that everybody in the market was anticipating that this was going to be part of the problem.
But everybody in the market, I think, anticipated that this was going to be top priority for the U.S.
and governments around the world to try to reopen as fast as possible.
Now, in reality, what we have seen is that it's not that simple to reopen the Strait of Hormuz.
I think that is key.
Yes, if the Strait of Hormuz reopens tomorrow, we shouldn't expect that supply will come back to the market very rapidly for a few reasons.
The first one is that there has been supply production shut-ins and it takes time for that production to go back to the market.
You've actually taken out the pressure from the wells and pressure in the reservoir is fundamental to determine how much oil you can get.
So it does take quite a bit of time.
Then you also have the fact that you have massive logistical backlog in the Strait of Hormuz.
So even if it reopens tomorrow, just clearing up all those vessels that are waiting there will take quite a bit of time.
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