War-torn nations now supply nearly half of the world's oil output

Six months after attacks by the United States and Israel on Iran triggered an unprecedented oil supply crunch, nations embroiled in conflict now generate roughly 45 million barrels per day, representing more than 43% of total global output, based on International Energy Agency data used by one outlet. The war in Ukraine, together with production cuts in Kazakhstan and ongoing fighting in Libya and Venezuela, have further strained supplies.

Gulf disruptions, including Saudi rerouting of oil and clandestine shipments through the Strait of Hormuz, are estimated at 5 to 7 million barrels per day, while attacks near the Red Sea and Egypt's Suez Canal in July keep risks high. Global refining capacity has fallen by about ten percent due to damage in the Gulf and Ukraine, prompting Russia to ban gasoline and diesel exports. Record releases from emergency stockpiles by the International Energy Agency have largely been exhausted as inventories continue to shrink.