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Data from maritime traffic company Kpler, which tracks commodity markets and analyzes data, processed by Al Jazeera's Open Source Intelligence unit, shows that total exports from Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates fell from 469 million barrels in February to 263 million barrels in March. This represents a drop of 206 million barrels, or 44 percent.
The decline was drastic but uneven among these six countries, with some affected significantly more than others, depending on port location and the availability of alternative pipelines. Iraqi crude oil exports suffered the biggest blow, recording an 82 percent drop, from 94 million barrels in February to just 17 million in March.
Kuwait and Qatar lost about three-quarters of their crude oil shipments, with declines of 75 and 70 percent, respectively.
Saudi Arabia and the UAE recorded smaller proportional declines of 34 and 26 percent, respectively, partially mitigated by the use of floating storage and pipelines bypassing the Strait of Hormuz.
Oman was the only exception, as most of its ports are located outside the strait itself. Oman's exports increased by 16 percent, from 25 to 29 million barrels, only partially offsetting the overall loss.
Oil Tankers
The loss of 206 million barrels of oil from the Gulf since the start of the war would be enough to fill about 103 VLCC (Very Large Crude Carrier) supertankers, which form the backbone of global energy trade.
VLCC-class ships are among the largest and heaviest vessels in the world, designed to carry around two million barrels of crude oil across the globe. Only ULCC (Ultra Large Crude Carrier) class ships are larger, with a capacity of three million barrels.
ULCC tankers are rarer than VLCC-class ones because their draft is at least 24 meters, making them too deep to navigate most of the world's shipping lanes and dock in global ports. For comparison, a VLCC is nearly 330 meters long, approximately the height of the Eiffel Tower in Paris.
Although there are cruise ships that are technically longer, VLCCs are unrivaled when it comes to displacement and cargo-carrying capacity.
VLCC tankers are typically between 50 and 60 meters wide, and when fully loaded, their draft ranges from 20 to 22 meters.
How much gasoline is obtained from one barrel of oil?
One barrel of crude oil contains 159 liters (or 42 US gallons). After the refining process, one barrel typically yields about 73 liters of gasoline, while the remainder is used to produce diesel, jet fuel, and other derivatives.
Crude oil is classified by density and sulfur content. Oil with low sulfur content is known as "sweet crude" and is significantly more valuable on the market because it requires less refining.
The global benchmark is Brent crude, extracted from the North Sea between the United Kingdom and Norway. The benchmark for the American market is West Texas Intermediate (WTI) crude from Texas.
Oil is traded as a global commodity, meaning any market disruption can trigger a chain reaction, regardless of which country directly purchases the oil from a specific source.
For most of the war, oil was traded at prices above $100 per barrel, peaking at nearly $128 on April 2. Before the war between the US, Israel, and Iran began on February 28, the average price of Brent crude was around $65 per barrel.
Considering the shortfall of 206 million exported barrels from Arab countries, at a price of $80 per barrel, this represents a loss of $16.4 billion. At $100 per barrel, the loss amounts to $20.6 billion, while at $120 per barrel, the loss reaches as high as $24.7 billion.