Goldman Sachs Group Inc. said oil output from Persian Gulf nations is running
about 14.5 million barrels per day below pre-war levels this month, a decline of
57%. The bank estimates any restoration of production would likely take a few
months, assuming a full and safe reopening of the Strait of Hormuz and no
renewed strikes. It added that prolonged disruption to the strait would delay
recovery further and extend supply curtailments.