economy
March 10, 2026
Gulf oil production could stop in weeks
The US and Israel's conflict with Iran could lead to a halt in Gulf oil production, Russian President Vladimir Putin has said
TL;DR
- Oil production through the Strait of Hormuz could halt within a month.
- Around a third of global sea-borne oil exports, or 14 million barrels per day, previously passed through the strait.
- 80% of oil exports from the strait went to Asian and Pacific nations.
- Traffic through the strait has reportedly dropped by 80% in the past week.
- Global oil prices have risen over 30% in the past week, pushing crude above $100.
- Disruptions in energy supplies can boost inflation and lead to industrial output decline.
- Russia remains a reliable energy supplier to its reliable partners, including Asian nations and EU members Slovakia and Hungary.
- Hungary has urged the EU to lift its ban on Russian oil and gas.
- The US has announced the easing of sanctions on some Russian oil to stabilize markets.
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