JPMorgan Warns of Potential Crude Export Halt in Iraq and Kuwait if Strait of Hormuz Remains Closed

Deep News06:10

JPMorgan Chase forecasts that Iraq and Kuwait could be forced to halt crude oil exports, which typically transit the Strait of Hormuz, within approximately 3 days and 14 days, respectively. Analysts, including Natasha Kaneva, noted that by the eighth day of the strait's closure, around 3.3 million barrels per day of crude production would be shut in. This figure is projected to rise to roughly 3.8 million barrels per day by day 15, and further increase to approximately 4.7 million barrels per day by day 18. The estimates apply solely to crude oil and do not include refined petroleum products. The bank emphasized that these are conservative projections and do not account for some oil storage in the Persian Gulf or unallocated vessels that could potentially be rerouted to the two countries.

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