25 days! This is the duration that the Middle East can endure
The commander of the Iranian Revolutionary Guard stated that the Strait of Hormuz has been closed and threatened to strike ships attempting to pass through. JP Morgan estimates that the onshore crude oil storage capacity of seven Gulf oil-producing countries reliant on the strait is approximately 343 million barrels, enough to sustain crude oil supply for about 22 days. The 60 empty oil tankers docked in the Gulf can additionally store 50 million barrels of crude oil, extending operations by 3-4 days
Iranian media reported that a commander of the Iranian Revolutionary Guard stated that the Strait of Hormuz has been closed, and Iran will strike any vessels attempting to pass through the strait.
According to JP Morgan's estimates:
The seven Gulf oil-producing countries that rely on the Strait of Hormuz—Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Iran, Qatar, and Oman—have an estimated onshore crude oil storage capacity of about 343 million barrels, not including crude oil already stored at sea. Based on current production levels, this amounts to approximately 22 days of crude oil retention.
Additional buffer may come from shipping capacity. Currently, about 60 empty oil tankers anchored in the Gulf can absorb approximately 50 million barrels of crude oil, thereby extending operations by 3-4 days.
