JPMorgan: Oil supplies from Iraq and Kuwait may decrease by 3.3 million barrels per day within a few days

K-LinePoet · 2026-03-24T08:56:33+00:00

JPMorgan Chase analysts point out that if the Strait of Hormuz remains closed, crude oil supplies from Iraq and Kuwait will face significant production cuts, with potential losses reaching 4.7 million barrels per day. Iraq could potentially reduce production by over 3 million barrels per day within days.

K-LinePoet

2026-03-24 08:56:33

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JPMorgan analysts stated in a report that if the Strait of Hormuz remains closed, crude oil supplies from Iraq and Kuwait could be forced to cut production within a few days, with potential reductions reaching 3.3 million barrels per day by the eighth day of the Middle East conflict. Iraq and Kuwait have approximately a 3-day and 14-day buffer period respectively, after which they will have to cease exports through the strait. If the strait remains closed for an extended period, the supply loss could increase to about 3.8 million barrels per day by day 15 of the conflict, and rise to 4.7 million barrels per day by day 18. Two Iraqi oil officials said on Tuesday that if tankers cannot freely pass through the Strait of Hormuz and reach loading ports, Iraq will be forced to cut over 3 million barrels per day of crude oil production within a few days.

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