Sumner said Methanex intends to continue directing most available free cash flow toward cash accumulation and debt reduction amid a volatile market environment. The company estimates that 15 million to 20 million tons of annualized methanol supply normally must transit the Strait of Hormuz to reach end markets. North American output reaches record levelsTotal equity methanol production was 2.2 million tons in the second quarter, slightly below the first quarter. Looking ahead, Sumner said Methanex is nearing its initial leverage target of about three times adjusted debt to adjusted EBITDA. About Methanex (NASDAQ:MEOH)Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol.