FT: Gulf countries have lost more than $15 billion due to the blockade of the Strait of Hormuz

Oil-producing Gulf countries have lost about $15.1 billion in export revenues since the start of the war in the Middle East due to the virtual shutdown of shipping through the Strait of Hormuz.

The Financial Times writes about this, citing estimates from the analytical company Kpler, according to which, in normal times, oil, petroleum products and liquefied natural gas with a total value of about $1.2 billion pass through the strait every day.

According to the publication, oil accounts for about 71% of the lost revenues of the countries in the region. The FT notes that since the start of American and Israeli strikes on Iran on February 28, the passage of tankers through the Strait of Hormuz has practically ceased, and shipments of oil, petroleum products and LNG worth at least $10.7 billion remain blocked in the area of ​​the strait.

Saudi Arabia was hit the hardest, losing about $4.5 billion in export revenue, according to Wood Mackenzie, despite redirecting some supplies through the Red Sea port of Yanbu. The FT calls Iraq one of the most vulnerable countries, where about 90% of budget revenues are generated by the oil sector. Wood Mackenzie estimates that QatarEnergy is short by about $571 million after shutting down some operations on March 2.