MOSCOW, March 12. /TASS/. The loss of oil flows across the Strait of Hormuz leads to an offer shock for the Asian market, the International Energy Agency (IEA) said.

According to its estimate, 15 mln barrels of oil and condensate per day were supplied via Hormuz in 2025, which amounts to 20% of refineries’ consumption outside the Middle East or 35% of the maritime oil trade globally. "The loss of these flows creates an Asian supply shock as over 90% went East of Suez where they account for 35% of refinery crude supply. The remainder is split between Europe (4%), the United States (3%) and other destinations," the agency informed.

"The remaining supply shortfall will have to be met largely from storage or from alternative sources. Exporters who can replace these barrels lie in the Atlantic Basin, in Eurasia and in Western Canada, but any additional volumes will likely be modest," IEA added.

The main buyers of Middle East oil supplied via the Strait of Hormuz are China, India, South Korea and Japan. India will find it the most difficult to compensate the shortfall during the short-term period, the agency noted.