MOSCOW, March 12. /TASS/. The Persian Gulf countries have reduced their combined oil production by at least 10 million bpd due to the conflict on the Middle East, the International Energy Agency reported.
According to the agency, with oil and product flows through the Strait of Hormuz falling from around 20 million barrels per day to a trickle, limited bypass options for this critical waterway, and storage capacity filling up.
Unless shipping resumes quickly, supplies will fall further, the IEA report warns. The agency has already stated that the conflict has led to the largest disruption in oil supply history.
The IEA estimates that unless transit is quickly restored, thanks to the "flexibility of some alternative supply routes," Gulf countries will stop producing 7.9 million bpd of oil and 9.9 million bpd of liquid hydrocarbons in March.