Data from Goldman Sachs indicates that crude oil production from Gulf nations has decreased by 14.5 million barrels per day this month compared to pre-conflict levels in the Middle East. The institution anticipates that any process to restore production in the region could require several months. Analysts at Goldman Sachs, including Daan Struyven, noted in a research report published on April 23 that overall crude oil supply from the Persian Gulf has declined by 57% since the outbreak of hostilities involving Iran. The team concluded that a gradual recovery of local oil and gas production capacity is only possible if the Strait of Hormuz is fully and safely reopened without further attacks or conflicts, with the entire restoration cycle potentially lasting months. As military strikes by the United States and Israel against Iran enter their third month, pressure on the global oil market continues to intensify. Shipping through the Strait of Hormuz, which connects the Persian Gulf to global markets, has nearly ground to a halt, with both Iran and the United States attempting to blockade passing vessels. The global crude benchmark, Brent crude oil, has risen for the fifth consecutive day, with a cumulative weekly increase potentially reaching 17%. Analysts from the bank stated, "The longer the Strait of Hormuz remains closed and the extended the period of oil production cuts, the slower the pace of regional capacity recovery will be."
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