Oil producers have lost more than 15 billion dollars (around 13.1 billion euros) in energy revenue since the start of the conflict in Iran, revealed a study published this Friday, 13th, by Financial Times (FT).
About $1.2 billion worth of oil, refined products and liquefied natural gas are estimated to pass through the Strait of Hormuz daily, according to average prices and volumes from last year.
This strait is the most important oil export route in the world, as it connects the largest producers in the Persian Gulf, such as Saudi Arabia, Iran, Iraq and the United Arab Emirates, with the Gulf of Oman and the Arabian Sea.
Since Israel and the United States began war against Iran on February 28, traffic through this sea route has been practically paralyzed due to Iranian attacks on ships and the Tehran regime’s warning that it will remain blocked.
Saudi Arabia, the largest oil exporter, was the country most affected by the crisis, as it is estimated that the country has lost 4.5 billion dollars since the start of the war, although it plans to compensate for these losses with an increase in its exports from Red Sea ports (in the west of the country) in the coming days, said the study.
The economic director of the analysis company Wood Mackenzie, Peter Martin, told the British newspaper that Iraq is another big loser, because it depends on oil production for 90% of its government revenues.
“Kuwait and Qatar are also very exposed, but both can draw on large sovereign wealth funds to cushion the short-term impact,” he added.
According to Kpler, another analysis company, at least 10,700 million dollars in cargoes of crude oil and refined products remain trapped in the vicinity of Hormuz, loaded, but unable to reach their destinations.
Some of the cargoes had already been sold under long-term contracts before the armed conflict, which means they could still generate revenue, depending on the payment deadline, which is usually 15 to 30 days after loading, according to the analysis company.
The study, released by the FT, added that Saudi Arabia stores oil in facilities abroad, so it could continue to supply customers for some time, while benefiting from higher prices that could partially offset lost export revenue.
The war started by Israel and the United States against Iran on February 28th caused a sharp increase in oil prices, which are around 100 dollars per barrel.
On Monday, oil was quoted at 119.50 dollars per barrel, although in the following days it fell, but continues to be subject to strong fluctuations.
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