The International Energy Agency (IEA), in its latest assessment, says that oil exports from the Persian Gulf countries are expected to increase by 50 percent this month compared to the previous month.
However, exports remain significantly below levels seen before the Islamic Republic's closure of the Strait of Hormuz.
Before the closure of the Strait of Hormuz, daily exports of crude oil and petroleum products from the Arab Gulf states—including Iraq, Bahrain, Kuwait, Saudi Arabia, Qatar, and the United Arab Emirates—as well as Oman, which lies outside the Strait, totaled approximately 25 million barrels per day.
Exports fell to below 10 million barrels per day in May and are expected to reach nearly 15 million barrels per day this month.
The Islamic Republic closed the Strait of Hormuz at the beginning of March. Until the end of last month, the Strait accounted for only a very small share of Gulf oil exports, and even that limited volume consisted largely of Iranian oil.
This month, however, nearly one-third of these countries' oil exports have passed through the Strait of Hormuz.
Another section of the report focuses on Iran itself. Iran's daily production of oil and petroleum products, including gas condensates and liquefied petroleum gas (LPG), fell from about 5 million barrels per day in February to 3.3 million barrels per day last month due to the war and, in particular, the United States' naval blockade against the Islamic Republic. Production has partially recovered this month, reaching 3.8 million barrels per day.
The IEA had previously reported a decline of one million barrels per day in Iran's crude oil production. New figures indicate that, in addition to crude oil, Iran's gas condensate and petroleum product output have also experienced significant declines.
According to the agency, since the closure of the Strait of Hormuz, Gulf countries have collectively lost 1.3 billion barrels of oil production. Between March and the end of May, average exports of oil and petroleum products through the Strait amounted to 2.7 million barrels per day, compared with roughly 20 million barrels per day before the closure.
This month, following the agreement to end the conflict between the United States and the Islamic Republic, oil shipments through the Strait of Hormuz have doubled compared to previous months.
