LIVE: The Biggest Oil Shock Ever? 20% of Global Supply Disrupted | Vantage with Palki Sharma
The war in West Asia has triggered what analysts are calling the largest oil supply disruption in modern history. Nearly 20 percent of the world’s oil supply — about 20 million barrels per day — has effectively vanished from global markets. The crisis centres around the Strait of Hormuz, a narrow maritime chokepoint through which roughly a fifth of global oil flows. With shipping traffic stalled and thousands of vessels waiting near the strait, the supply chain has frozen.Even though oil is still being produced, it cannot reach global markets. Storage facilities across the Gulf are filling up, forcing major producers like Saudi Arabia, Iraq, the UAE and Kuwait to cut output. Governments worldwide are scrambling to respond. From fuel price caps in South Korea to rationing in Bangladesh, the shock is rippling across Asia — while the G7 weighs its next move. The longer the strait remains blocked, the deeper the economic consequences could become.
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Oil Crisis | Oil Price Shock | Iran US War | Firstpost | World News | News Live | Vantage | Palki Sharma | News
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