Mideast nations expected to halt 9 million barrels per day of oil production: EIA
Impact of Strait of Hormuz Disruptions on Oil Production
Restricted movement of oil through the Strait of Hormuz has led to rapid filling of storage facilities in nations dependent on this vital route for their exports. Consequently, our analysis indicates that Iraq, Saudi Arabia, Kuwait, the UAE, Qatar, and Bahrain together curtailed oil output by approximately 7.5 million barrels per day in March.
Looking ahead, we project that these production cutbacks will increase to 9.1 million barrels per day in April. Our forecast assumes that the conflict will not extend beyond April and that shipping activity through the Strait will slowly return to normal. Based on these expectations, we anticipate that production reductions will ease to 6.7 million barrels per day in May.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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