One month into the devastating conflict, the Middle East’s oil infrastructure lies in ruins under continuous Iranian strikes. With no end to the war in sight, eight OPEC member nations have called for an emergency meeting to find immediate solutions for oil production and alternative supply routes.

Economic Catastrophe: The closure of the strategic Strait of Hormuz, coupled with strikes on Saudi Arabia, Kuwait, and the UAE, has knocked out 20% of global oil production. Iraq has been the hardest hit; despite being an Iranian ally, it saw its oil revenue plunge by 70% in March due to the maritime blockade. Since oil accounts for 90% of Iraq’s national budget, the country is now desperately attempting to transport oil via road tankers through war-torn Syria.

Global Supply Shock: The situation is worsened by falling Russian output following relentless Ukrainian drone strikes. As the world stares at a massive fuel shortage, all eyes are on the OPEC summit. The decisions made here will determine the future of global oil prices and whether the world economy can survive this unprecedented energy shock.