OPINION:
An armada of oil tankers is heading toward the Gulf of America as Asian buyers look to offset the loss of Iranian exports by turning to U.S. suppliers.
“Massive numbers of completely empty oil tankers, some of the largest anywhere in the world, are heading, right now, to the United States to load up with the best and ‘sweetest’ oil (and gas!) anywhere in the World,” President Trump posted on social media this weekend. “We have more oil than the next two largest oil economies combined — and higher quality. We are waiting for you. Quick turnaround.”
One hundred twenty-one empty tankers are on their way to the U.S., compared with 24 the week before the Iran war began in February, according to oil research firm Kpler. Last year, the average was 27 tankers. Kpler estimates that U.S. crude exports will reach a record 5.2 million barrels per day in May.
Many of these empty tankers are traveling through the Panama Canal, which Mr. Trump secured from Chinese control last year. With Chevron now importing the equivalent of 250,000 barrels of Venezuelan crude oil a day after Mr. Trump’s ouster of dictator Nicholas Maduro, U.S. supply is abundant.
“We think we can take that up another 50%, so call it somewhere around 350,000 to 400,000 barrels a day of just the Chevron share of our position in Venezuela,” Andy Walz, president of downstream, midstream and chemicals at Chevron’s operations in Mississippi, told BBC last week.
On Monday, under Mr. Trump’s direction, access into and out of Iran’s ports along the Strait of Hormuz was blocked, and any ship that paid a toll fee to Iran was interdicted.
U.S. Central Command warned that any vessel going to or from Iran is “subject to interception, diversion, and capture.” It added that humanitarian shipments, including food, medical supplies and other essential goods, would be permitted, subject to inspection.
Preventing Iran from selling its oil, which accounts for as much as 40% of its government revenue, will bankrupt the country and starve China of about 12% to 13% of its total seaborne crude oil imports. Estimates show that China accounts for more than 80% of Iran’s total oil exports.
China is also being hit by Mr. Trump’s sanctions on Venezuelan exports, which accounted for 4% to 5% of its total oil imports and are now being denied.
In a masterstroke, Mr. Trump now has huge leverage on China, Iran and the rest of the world. Saudi Arabia, which reportedly has encouraged the president to finish the job in Iran, announced this weekend it has restored full capacity on its East-West oil pipeline, allowing it to divert exports out of the Red Sea. The United Arab Emirates can partially bypass the Strait of Hormuz by using its Abu Dhabi Crude Oil Pipeline.
As the U.S. works to clear the Strait of Hormuz of Iranian-planted mines and ensure free passage, the French and British owe the U.S. a sorry and thank you. French and British vessels reportedly paid $2 million in “protection fees” to the Islamic regime to sail through Hormuz, aiding and abetting the terrorists while offering no support for U.S. military action.
This week, Britain and France plan to co-host a summit to develop a plan “to safeguard international shipping when the conflict ends,” British Prime Minister Keir Starmer wrote on social media Monday.
A summit. To develop a plan. To be implemented after the conflict has ended. Pathetic coming from our Western allies.
The Iranian regime miscalculated: It thought blocking the Strait of Hormuz would trigger global economic chaos that would pressure Mr. Trump to halt U.S. operations against it. It hasn’t.
The U.S., in its energy dominance, has become the world’s No. 1 exporter of oil and gas, with more countries diverting their supplies to America. Arab states have altered their exports to avoid the strait. The U.S. has complete military dominance over Iran and has begun to choke off the regime economically.
As the president has said, Iran has “no cards,” whereas, under Mr. Trump’s leadership, the U.S. has maximalist leverage.
• Kelly Sadler is the commentary editor at The Washington Times.
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