Iran Oil Exports Fall Nearly 70% Under US Hormuz Blockade

Iranian crude exports fell nearly 70% to about 567,000 barrels per day after the US blockade of maritime traffic to Iranian ports near the Strait of Hormuz. Kpler analysts said Iran has only 12–22 days of unused crude storage capacity left. Goldman Sachs estimates that 14.5 million barrels per day of Persian Gulf production losses are draining global oil stockpiles by a record 11–12 million barrels per day through April. The revenue hit may be delayed by 3–4 months because cargoes to China and payment cycles take time.

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