Khaberni - The Financial Times reported on Friday that Gulf countries have lost about $15 billion in energy revenues since the start of the American-Israeli war on Iran.
The newspaper based its claim on data provided by Kepler, a commodity market analysis firm, in its assessment of the losses borne by the Gulf states since the beginning of the war, which led to an almost complete halt of navigation through the Strait of Hormuz.
According to Kepler's data, around $1.2 billion worth of crude oil, refined products, and liquefied natural gas is transported daily through the strait, based on average prices in 2025.
However, the movement in the Strait of Hormuz has almost stopped since the war began on February 28, preventing the Gulf countries from exporting a significant portion of their oil and liquefied natural gas production.
According to Kepler's data, about $10.7 billion worth of oil, refined products, and liquefied natural gas is still on board ships in the Strait of Hormuz after loading, but they cannot head towards importing countries.
Widespread impacts of production reduction
Four Arab countries, namely Saudi Arabia, Kuwait, the UAE, and Iraq, recently announced a reduction in their production by about 6.7 million barrels per day, according to Bloomberg.
Bloomberg noted that these reductions are the most impactful since the start of the war on Iran, as the four countries reduced their production by about one-third, which means reducing the global oil supply by 6%.
Qatar Energy also declared force majeure on March 4th and stopped exporting liquefied natural gas, which it is one of the largest producers globally.
The Financial Times quoted Peter Martin, head of the economics department at the consultancy firm Wood Mackenzie, saying that Iraq is the most affected by the oil production reduction, as the Iraqi government relies on oil exports to provide about 90% of its resources.
According to estimates by Wood Mackenzie, as reported by the newspaper, Saudi Arabia, the largest oil exporter, has lost about $4.5 billion since the beginning of the war.
With the halt in exporting oil through the Strait of Hormuz, Saudi Aramco announced that it may redirect about 70% of its crude oil exports towards the port of Yanbu on the Red Sea.
The CEO of the company, Amin Nasser, warned that the impact of the disruption in the oil markets is not limited to the shipping and insurance sectors only but also portends severe and far-reaching consequences on the aviation, agriculture, automotive sectors, and others.
