Global oil producers are reeling from the worst decline in output on record, with a staggering drop in March attributed to the closure of the Strait of Hormuz. The strategic waterway, which connects the Persian Gulf to the Gulf of Oman, was temporarily blocked by Iran, sparking a crisis in the region that sent shockwaves through the global energy market. The resulting shortage of crude oil has left producers scrambling to meet demand, with analysts warning of a potential price spike in the coming weeks. As the situation continues to unfold, the impact on the global economy and energy prices remains uncertain, with many experts predicting a bumpy ride ahead.
Output dropped by biggest volume on record in March with closure of Strait of Hormuz hitting producers around the Gulf
