Gulf Oil Producers Have Already Lost $15 Billion Since the Start of the War

Oil producers in the Arab Gulf have already lost at least $15.1 billion in oil and gas revenues since the start of the Middle East war, per estimates by commodities analytics firm Kpler cited by the Financial Times. The de facto closure of the Strait of Hormuz has choked off since March 1, millions of barrels per day of crude oil and refined petroleum products, and 20% of the global LNG supply. Since the war began, Gulf producers have already lost $15.1 billion in revenues, based on estimates that the choked supplies that cannot pass the…