Gulf Intelligence Podcasts PODCAST: Daily Energy Markets - March 5th
Mar 5, 2026
Vandana Hari, Asian oil markets specialist; Robin Mills, Middle East energy strategist; Jamal Qureshi, crude flows and routing analyst; Giacomo Prandelli, LNG and freight commentator. They discuss China halting refined fuel exports, shipping risks and insurance hurdles in the Gulf, alternative routing limits around Hormuz, surging freight costs, and broader LNG and refined product fallout.
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China Stops Product Exports To Guard Domestic Supply
- China halted gasoline and diesel exports to protect domestic supply during Gulf transit risk.
- Vandana Hari noted China exported ~600,000 b/d of products in Jan-Feb, half gasoline/blending components and half jet/gas oil, worsening already high cracks.
Escorts Won't Fix Shipping Insurance Problem
- Shipping risk and insurance barriers are key constraints on Gulf oil flows, not just military escort proposals.
- Robin Mills warned escorts alone won't reassure owners or insurers after tanker attacks and that a US insurance backstop is complex to implement.
Hormuz Closure Cannot Be Fully Offset
- Straits of Hormuz volumes far exceed alternative routing capacity, so closures create large systemic shortfalls.
- Jamal Qureshi estimated ~16 million b/d through Hormuz with alternative routes possibly adding ~4 million b/d at best.