Gulf Crude Output Down 57% Pre-War

Goldman Sachs estimates Gulf crude production fell 14.5 million bpd, a 57% drop from pre‑war levels.
Empty tanker capacity in the Gulf has shrunk ~50% (≈130 million barrels) since the war began, limiting transport.
Goldman warns full recovery may take longer than markets expect, with only 70% of lost output returning after three months of reopening.
Recovery depends on no renewed strikes, safe Strait of Hormuz reopening, and spare capacity from Saudi Arabia and UAE.