Middle East oil production has sharply declined by more than 12 million barrels of oil equivalent per day (boe/day) following Iran’s effective closure of the Strait of Hormuz. This drop represents about 7% of global liquids demand.
Potential for Deeper Cuts
Analysts at Rystad Energy project a worst-case scenario where regional output falls to as low as 6 million barrels per day (bbl/day). Such a level would mark a 70% reduction from pre-war production figures.
