Oil Exports Loss Estimates Adjusted: 5-6 Million Barrels Daily

AI Summary

Traders estimate that the loss of Gulf crude oil exports due to the Iran conflict is around 5 to 6 million barrels per day, significantly lower than the International Energy Agency's estimate of 14 million barrels. Since early April, approximately 136 million barrels of non-Iranian crude, or about 1.9 million barrels a day, have moved through the Strait of Hormuz. Iraq's exports are currently 2.5 to 3 million barrels a day below normal, while Kuwait's are down by 1.5 million. This adjustment in loss estimates impacts oil prices, which have fallen below $90 per barrel despite escalating tensions, affecting market forecasts.