The world is facing a seismic energy crisis following the effective closure of the Strait of Hormuz, a critical maritime chokehold through which a fifth of global oil once flowed. A stark new report from the International Energy Agency (IEA) on Thursday confirms that Persian Gulf countries have been forced to slash oil production by at least 10 million barrels per day (mb/d) as a direct result.
“With crude and oil product flows through the Strait of Hormuz plunging from around 20 mb/d before the war to a trickle currently, limited capacity available to bypass the crucial waterway, and storage filling up, Gulf countries have cut total oil production by at least 10 mb/d. In the absence of a rapid resumption of shipping flows, supply losses are set to increase,” the IEA report stated.
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