Overseas Chinese Bank: The oil market may face a daily shortage of 10 million barrels.

Sim Moh Siong from the research department of Oversea-Chinese Banking Corporation (OCBC) Group stated in a report that if the Strait of Hormuz were to be long-term and nearly completely closed, the oil market could face a shortage of about 10 million barrels per day. The strategist mentioned that although there could be offsetting effects from releasing strategic reserves or redirecting oil transportation through other Middle Eastern countries to bypass the Strait of Hormuz, the bank still made the above estimate. He noted that Gulf oil-producing countries are increasingly forced to suspend production, and these smaller supply disruptions could snowball into larger supply losses. OCBC Bank has revised its price forecast for Brent crude oil for the first half of the year from below $70 per barrel to $100 per barrel. The bank predicts that by the first quarter of next year, the price of Brent crude oil will fall back to $70 per barrel. In recent months, WTI crude oil futures rose by 3.9% to $97.16 per barrel, while Brent crude oil rose by 3.5% to $103.70 per barrel.