Oil industry experts have told OPEC+ that supply disruption caused by the closure of the Strait of Hormuz will persist to the end of the year, even if the waterway reopens promptly.
Consultants and analysts gathered at OPEC’s Vienna headquarters for a technical meeting on Monday warned that it will take many months to return to pre-war operations, according to two attendees of the event. They asked not to be identified as the meeting was private.
The Strait of Hormuz — through which 20% of the world’s oil and gas had previously flowed — was effectively blocked at the outset ...