Questions rise as US claims deeper control of Strait of Hormuz
IRAN TURNS TO PUTIN AS US TALKS COLLAPSE, HORMUZ STANDOFF THREATENS GLOBAL OIL FLOW In an aerial view, Marathon Petroleum Corp's Los Angeles Refinery, one of…
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Summary
"The bigger story and the more important one long term is that 8 million barrels of Persian Gulf production is currently shut in and world production is down about 10 million barrels a day," Berman explained. 12, 2026, Oil Market Report, "Gulf oil production rose by a further 2.5 mb/d in July to 23.9 mb/d, still 8.3 mb/d below pre-war levels." Global oil supply remained 6.3 million bpd below year-earlier levels, according to the agency.
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"The bigger story and the more important one long term is that 8 million barrels of Persian Gulf production is currently shut in and world production is down about 10 million barrels a day," Berman explained.
according to Fox News — Latest12, 2026, Oil Market Report, "Gulf oil production rose by a further 2.5 mb/d in July to 23.9 mb/d, still 8.3 mb/d below pre-war levels." Global oil supply remained 6.3 million bpd below year-earlier levels, according to the agency.
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