Middle East Oil Output May Take Two Years to Recover
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- Fatih Birol (IEA) says Gulf oil and gas output will need about two years to return to pre‑war levels.
- Iraq will lag behind Saudi Arabia in restoring output, according to Birol.
- Global oil supply fell 10.1 million bpd to 97 million bpd in March after attacks and Strait of Hormuz restrictions.
- OPEC+ production dropped 9.4 million bpd, while Qatar's output decline offset gains from Brazil and the United States.
- IEA released a record 400 million‑barrel emergency draw and is considering another release if the Strait stays closed.
- U.S. tanker fleet is moving to load domestic oil as Middle East supply crumbles, per OilPrice.com.
Why it matters: If the Strait stays closed, Asian oil importers face prices while the IEA may release another 400 million barrels by year‑end.
