Oil Demand Contracts as Strait of Hormuz Flows Drop

Global oil demand projected to contract 80,000 barrels daily.
Strait of Hormuz flows fell to 3.8 million barrels/day (20% of global supply).
Oil supply dropped 10.1 million barrels/day due to production cuts in Saudi Arabia, Iraq, UAE, and Kuwait.
IEA director says oil prices under $100 don't reflect crisis severity.
U.S. blockade of Iranian vessels risks major economic disruptions.

Energy | Economy | Geopolitics

Iran | Iraq | Saudi Arabia | United Arab Emirates | Kuwait

Donald Trump | Fatih Birol

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