"A global recession and widespread fuel rationing are likely if the conflict in the Middle East does not end soon, a leading economic body has warned ahead of a meeting of international allies."
"Oxford Economics's latest research shows that the number of tankers passing through the Strait is already down 98 per cent, and if the key shipping route remains closed for an extended period it would see existing oil inventories continually depleted."
"In our prolonged Iran war scenario, we estimate the gap widens to around 13m barrels per day by the sixth month, leading to widespread rationing concentrated in emerging economies."
The Independent focuses on essential issues such as reproductive rights, climate change, and the influence of Big Tech. It emphasizes the importance of on-the-ground reporting to present balanced perspectives. A recent warning from Oxford Economics indicates that ongoing conflicts in the Middle East could lead to a global recession and severe fuel rationing due to a significant drop in oil tanker traffic through the Strait of Hormuz. This situation could result in a 12 percent shortage of global oil consumption, impacting economic growth and supply chains.
Read at www.independent.co.uk
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