21.03.2026 17:10
The effective closure of the Strait of Hormuz due to attacks by the US and Israel on Iran has caused significant economic losses in Gulf countries. Oil exports from Gulf countries have dropped by more than 60%. The total daily loss for Saudi Arabia, the UAE, Qatar, Kuwait, Oman, Bahrain, and Iraq due to the energy crisis is estimated to be around 2.3 billion dollars.
The rising tensions in the Middle East and the closure of the Strait of Hormuz have led to a decrease of more than 60% in oil exports from Gulf countries since the war began, resulting in significant losses in oil and natural gas revenues for these countries.
The halt in traffic in the Strait of Hormuz following the attacks by the US and Israel on Iran has disrupted oil exports from Gulf countries, causing substantial economic losses in the region.
WAR HAS IMPACTED MANY SECTORS
The attacks by the US and Israel on Iran and Iran's retaliations have led to a serious economic slowdown in many sectors in Gulf countries, including energy production, trade routes, logistics, finance, and tourism. The daily toll of the first three weeks of the war clearly revealed the damage inflicted on regional economies.
The Gulf region, representing about one-third of the world's supply with a daily oil production of approximately 30 million barrels, also hosts the Strait of Hormuz, through which about 20% of global oil trade passes.
Natural gas shipments from Qatar and the United Arab Emirates, which account for about 20% of global LNG exports, along with the majority of oil exports from countries like Saudi Arabia, Kuwait, and Iraq, are routed to global markets through this corridor.
OIL EXPORTS HAVE DROPPED BY MORE THAN 60%
In the third week of the US-Israel and Iran War, oil exports from Gulf countries fell by more than 60%, decreasing from 25.1 million barrels per day to 9.7 million barrels.
According to the International Energy Agency (IEA), 25% of oil shipments by sea pass through the Strait of Hormuz. Major Asian economies such as China, Japan, South Korea, and India import significant amounts of oil from the Gulf region. 44% of the crude oil departing from here is exported to China and India.
THE LARGEST OIL SUPPLY DISRUPTION IN MODERN HISTORY IS OCCURRING
The disruption of approximately 15 million barrels is considered one of the largest oil supply disruptions in modern history. Excluding LNG and petrochemical revenues, the loss of oil revenues for Gulf countries in the last two weeks is estimated at $25 billion, and there are concerns that this amount could rise further when including LNG and other products.
The halt in the trade of crude oil and petroleum products through this strategic passage deepens supply concerns in oil markets and leads to sharp increases in prices.
After oil prices quickly exceeded $100 per barrel during this process, IEA member countries agreed to release a total of 400 million barrels of emergency oil stock into the market. This step prevented uncontrolled increases in oil prices and allowed refineries to find short-term crude oil.
Analysts indicate that it is difficult for this alone to lead to a significant drop in oil prices, while it is anticipated that the price increase may slow down and the panic fluctuations in the market may be limited for a while.
SAUDI ARABIA'S DAILY LOSS NEARS 1 BILLION DOLLARS
Oğuzhan Akyener, President of the Turkey Energy Strategies and Policies Research Center (TESPAM), stated in his assessment that the total loss of Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman, Bahrain, and Iraq due to the energy crisis is estimated to be around $2.3 billion per day.
Akyener noted that when looking at the annual oil and natural gas revenues of the countries, Saudi Arabia ranks first with $230 billion, followed by the UAE with $140 billion, Qatar with $120 billion, Kuwait with $100 billion, Oman with $55 billion, and Bahrain with $15 billion. He stated that oil revenues account for 60% of Saudi Arabia's state revenue, which is the world's largest oil exporter and the leader of the Organization of the Petroleum Exporting Countries (OPEC). It is estimated that Saudi Arabia's daily loss has approached $1 billion due to recent developments.
Akyener pointed out that the UAE has a daily oil production of 3 million barrels, with approximately 60% of the country's revenues coming from oil and natural gas revenues.
"THE UAE'S DAILY LOSS IS 350 MILLION DOLLARS"
Akyener highlighted that the UAE's daily loss due to the Hormuz Strait crisis is estimated to be $350 million, and continued:
"Qatar, which is the world's largest LNG producer and exporter, derives 80% of its revenues from natural gas exports. Natural gas is the main source of the country's economy. Recent events have resulted in a daily loss of $300 million for the Qatari economy. Qatar's LNG exports, which must use Hormuz for tanker shipments, have nearly completely halted. Kuwait has a daily oil production capacity of 2.8 million barrels, with approximately 85% of the country's economy relying on oil revenues. Kuwait's loss is reported to be approaching $200 million per day."
Akyener stated that Oman's daily oil production is at 1 million barrels and that 70% of the country's revenues come from natural gas and oil production.
Akyener noted that Bahrain, the smallest country in the Gulf, derives 75% of its revenues from oil revenues, and that Bahrain's economic loss during this process is estimated to be around $40 million per day.
"IRAQ'S ECONOMIC LOSS IS 300 MILLION DOLLARS PER DAY"
Akyener emphasized that Iraq is among the countries most affected by the war, stating:
"More than 94% of Iraq's oil exports pass through this strait, and the targeting of tankers carrying Iraqi oil by Iran, along with the effective halt of ship passage through the Strait of Hormuz, has severely impacted the country's oil exports. Iraq's oil production has decreased from approximately 4.2 million barrels per day to about 1.2 million barrels during this period. Iraq, which is geographically a country of the Persian Gulf but is not a member of the Gulf Cooperation Council, is estimated to have an economic loss of $300 million per day due to this crisis."
GULF COUNTRIES THAT CAN BYPASS HORMUZ WITH PIPELINES ARE IN THE MINORITY
The Strait of Hormuz, a narrow sea route connecting the Persian Gulf to the Indian Ocean, is considered a strategic "choke point" for energy trade. Gulf countries such as Qatar, Kuwait, and Bahrain are nearly 100% dependent on the Strait of Hormuz.
Iraq, Saudi Arabia, the UAE, and Iran can export some of their products without using the strait through pipelines.
Saudi Arabia, which is trying to compensate for its losses in the Strait of Hormuz with pipelines, is focusing on the East-West Crude Oil Pipeline, which has a daily capacity of 5 million barrels and extends from the east to the west of the country, while the United Arab Emirates is directing its efforts towards the Abu Dhabi Crude Oil Pipeline, which carries 1.5 million barrels of oil daily and extends from the capital city of Abu Dhabi to Fujairah on the coast of the Gulf of Oman. Iraq can access the world through the Kirkuk-Ceyhan Oil Pipeline.