Fuel export flows through the Strait of Hormuz have almost completely stopped due to the conflict in the Middle East, the International Energy Agency (IEA) stated, APA-Economics reports.
“The conflict has significantly affected global oil product markets, and export flows through the strait have effectively stopped,” the report said.
According to the report, more than 3 million barrels per day of refining capacity in the region has been shut down due to attacks and the lack of export routes. In other regions, refineries are expected to face increasing restrictions due to shortages of crude oil feedstock.
“With flows of oil and petroleum products through the Strait of Hormuz falling from around 20 million barrels per day to minimal levels, options to bypass this vital route are limited, while storage facilities are nearing capacity. As a result, Persian Gulf countries have collectively reduced daily oil production by at least 10 million barrels. If shipping is not quickly restored, supplies will decline even further,” the report emphasized.
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