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OfficialShipping, energy & marketsBackgroundParis, France

France says Gulf war damage has taken 11 million barrels a day off the oil market

Mountain Time
Local time
1:46 PM in Paris
Where
Paris, France

French Finance Minister Roland Lescure said 30% to 40% of Gulf refining capacity had been damaged or destroyed, leaving the oil market short about 11 million barrels a day. He said 17% of Qatar's gas production capacity had been destroyed and would take about three years to restore.

Why it matters

The estimate means the supply loss would outlast any reopening of Hormuz, because damaged refineries and gas trains take months to years to repair.

Source

Confidence: Stated by a named government, military, or institution. Not independently confirmed. About confidence labels