Since the outbreak of the US war against Iran, Gulf oil-producing countries have lost $15 billion in oil and natural gas revenues.

According to estimates from the commodities analysis firm Kpler, since the outbreak of the U.S.-Iran war, oil producers in the Arabian Gulf region have lost at least $15.1 billion in oil and natural gas revenue.

Since March 1, the de facto closure of the Strait of Hormuz has blocked millions of barrels of crude oil and refined petroleum products daily, as well as 20% of the world’s liquefied natural gas supply.

Based on Kpler’s estimates of average prices and quantities in 2025, since the war began, Gulf producers have lost $15.1 billion in revenue, equivalent to a daily supply disruption worth $1.2 billion due to the blockade of the Strait of Hormuz.

Shortly after the war started, Qatar announced the suspension of liquefied natural gas production at the world’s largest LNG plant, Ras Laffan, and issued force majeure notices to customers.

Including production from the UAE, the war has trapped 20% of the world’s LNG supply in the Gulf region.

The oil situation is similarly severe—Gulf producers have shut down about 10% of global daily oil production, and losses are expected to increase in the coming days and weeks due to attacks on Gulf vessels and export infrastructure in Oman and Fujairah, expanding the conflict to a broader area beyond the Strait of Hormuz.

The International Energy Agency stated in its monthly oil market report on Thursday that, due to limited available capacity to bypass the Strait of Hormuz and imminent filling of storage facilities, Gulf producers have cut total oil output by at least 10 million barrels per day.

Alternative routes, such as Saudi Arabia’s Red Sea port of Yanbu, are insufficient to offset the significant supply losses caused by the Strait of Hormuz route.

Vortexca last week reported that Saudi Arabia’s east-west pipelines nominally have a capacity of 7 million barrels per day, but the actual shipping capacity at Yanbu is uncertain, with some estimates around 3 million barrels per day.

Before the war, Saudi Aramco exported about 6 million barrels daily through the Strait of Hormuz.

Analysts say that since the outbreak of the war, Saudi Arabia has suffered the greatest revenue loss, but in terms of strained government finances, Iraq has suffered the most, as it relies heavily on oil revenue and does not have the large sovereign wealth buffers like Kuwait, the UAE, or Saudi Arabia.