17:22 - 4.08.2026

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August 4, Fineko/abc.az. The blockage of the Strait of Hormuz has cost Persian Gulf producers not only substantial crude production volumes but also tens of billions of dollars in missed export revenues.

Prior to the supply disruption, regional output averaged around 25.2 million barrels per day (bpd). Following the bottleneck, daily output dropped sharply:

• March: −8.89 million bpd;

• April: −10.52 million bpd;

• May: −11.25 million bpd.

On average, Arab oil producers lost 44.6% of their total output, with Saudi Arabia (−69%) and the UAE (−63%) suffering the steepest declines.

Over the 4-month disruption period, Middle Eastern nations missed out on supplying approximately 1.19 billion barrels of crude, translating to over $80 billion in lost export revenues at prevailing market prices.

Despite peak oil prices surpassing $120 per barrel, key producers were unable to bridge the gap due to OPEC+ quotas and external constraints, forcing the global market to rely heavily on strategic petroleum reserves.