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.
You may also like
Elon Musk continues one-sided Ambani beef, mocks him in viral X post
Nobel laureate warns: French debt crisis may be "too big to save," eurozone faces "explosive" crisis
France's debt has reached €3.6 trillion, accounting for 119% of its GDP—the highest level since the creation of the euro. Paul Krugman, the 2008 Nobel Prize winner in Economics, warned that France is on a path of "fiscal unsustainability" and may have gone from "too big to fail" to the dangerous position of being "too big to be rescued." Its eurozone membership could trigger an "explosive debt crisis" and deliver a destructive blow to European integration.
Dollar Index stalls under its high as the Fed's hawks repeat themselves
Gold price holds critical $4,100 support, but can it break $4,200 as inflation risks loom?
Crypto prices
More
