In just over two weeks since the US-Israeli strikes on Iran triggered the closure of the Strait of Hormuz, more than 12 million barrels of oil equivalent per day (boepd) of Middle East oil and gas production has been taken offline, including 7 million barrels per day (bpd) of crude supply – equivalent to roughly 7 % of total global liquids demand. Iraq has been hit hardest, with over 60% of its pre-conflict volume curtailed. Still, the more alarming reality is that the worst is likely yet to come. Rystad Energy analysis shows that in a worst-case…

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