How the oil industry works

What does it take to drill oil out of the ground and then refine it into petrol, jet fuel or other petrochemical products? The world currently uses about a hundred million barrels of oil a day. However, the daily flow has been affected by the closure of the Strait of Hormuz. A fifth of the global supply normally passes through the waterway in tanker ships, but it's been blocked since the end of February 2026. How has the industry adapted?

Guests:
Nick Bone, Fuels Industry UK
Luke Johnson, Director of OPC
Edward Hayden-Briffet from Onyx Capital

Presenter: Evan Davis
Producers: Sally Abrahams & Nick Holland
Sound: Dave O'Neill & James Piper
Production Coordinator: Katie Morrisson
Editor: Sam Bonham