The International Energy Agency (IEA) has estimated that about 2.8 billion barrels of oil exports have been lost through the Strait of Hormuz since the US-Iran war began. Flows through the strait averaged 7.6 million barrels per day in August, around 13.1 million b/d below pre-war levels, according to the IEA's latest Oil Market Report. Exports through routes bypassing Hormuz have offset more than 500 million barrels, or an average of 2.8 million b/d, of the losses since the conflict started. Increased production outside the Middle East Gulf from countries including the US, Brazil, Kazakhstan, Venezuela and Nigeria has offset a further 420 million barrels of the cumulative losses.
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