Barclays: Prolonged Hormuz Blockage Could Wipe Out 14 Million Bpd of Oil Supply

The global oil market could lose up to 14 million barrels per day (bpd) of supply if the blockage at the Strait of Hormuz extends for more weeks, according to Barclays. A prolonged disruption at the world's most vital oil chokepoint is set to lead to 13-14 million bpd of supply losses—an immense shock, the UK-based investment bank said in a note on Thursday, as reported by Reuters. However, both the magnitude of the supply loss and the duration of the Hormuz closure are highly uncertain, Barclays analysts noted. “Notwithstanding uncertainty…