No they do not, world oil supply has plummeted. Reserves have been drained. Demand has been destroyed.
US oil production is up 3% from this time last year, and they are the biggest petroleum producer on earth. Not even enough to make up a fifth of the loss of just the pipeline that Ansarallah/Iraqi militants just took offline for months - let alone the strait closures.
Iran and Ansarallah are enacting an ecological miracle
Each year the average increase of CO2 is around ~60 MtCO2, so Iran/Ansarallah have destroyed oil demand and production so much it has set us back by roughly 5 years worth of growth.
And this is with the fake prices from draining the strategic reserve, we haven’t even hit the material energy crunch yet.
Production increases in other parts of the world make up for a large part of the opec losses.
No they do not, world oil supply has plummeted. Reserves have been drained. Demand has been destroyed.
US oil production is up 3% from this time last year, and they are the biggest petroleum producer on earth. Not even enough to make up a fifth of the loss of just the pipeline that Ansarallah/Iraqi militants just took offline for months - let alone the strait closures.
Iran and Ansarallah are enacting an ecological miracle
That’s like 2 days of oil production.
It’s actually about 10, a decrease of ~3% (assuming ~11,000 MtCO2 per year annually)
https://www.iea.org/reports/global-energy-review-2026/co2-emissions
Each year the average increase of CO2 is around ~60 MtCO2, so Iran/Ansarallah have destroyed oil demand and production so much it has set us back by roughly 5 years worth of growth.
And this is with the fake prices from draining the strategic reserve, we haven’t even hit the material energy crunch yet.