Goldman Sachs: Gulf Oil Output Cut 14.5M Barrels Daily in April Due to Iran Conflict

According to Goldman Sachs, daily crude oil production in the Gulf region fell by approximately 14.5 million barrels in April due to the Iran conflict, representing about 57% of pre-conflict supply levels. The cuts were primarily driven by precautionary shutdowns and inventory management rather than physical damage to oil fields.

The bank estimates that most of the lost production could be restored within a few months after the Strait of Hormuz fully reopens. External institutions' average forecast suggests Gulf producers may recover around 70% of halted output within three months and approximately 88% within six months.