The IEA said current flows through the Strait of Hormuz were moving at less than 10% of pre-crisis levels, which in 2025 were around 15 million barrels per day – with 'no signs of a de-escalation in hostilities or a clear timeline for a recovery in flows through the Strait.'

The Middle East war “is creating the largest supply disruption in the history of the global oil market,” as Iran’s chokehold on regional supplies forces Gulf oil producers to slash production, the International Energy Agency said Thursday, March 12.

In its latest market report, the IEA said crude oil production was currently down by at least 8.0 million bpd (barrels per day), with an additional 2.0 million related to petroleum products including condensates shut off.

  • whyrat@lemmy.worldEnglish
    3·
    1 day ago

    Agree on most of this.

    I’d emphasize that while “we” (the USA) didn’t diversify, many others have. China keeps looking like it’s coming away a winner from all of trump’s missteps. They’re already a leader in battery and solar; benefiting from having ramped up renewables so much; and while the US is distracted in the Middle East can probably get away some shenanigans in their part of the world with far less blowback than would have happened a year or two ago.

    Republican policies would be comically self-defeating… except it’s hard to laugh when they make so many people worse off :(

    And somehow their own failures don’t lead to their defeat at the polls, I still struggle coming to terms with that.