France Says 40 Percent of Gulf Energy Refining Capacity Has Been Wiped Out
By Owen Evans
Published on March 27, 2026.
The United States and Israel's Feb. 28 strikes have resulted in a significant decrease in shipping traffic through the Strait of Hormuz. French Finance Minister, Roland Lescure, stated that between 30 and 40 percent of the Gulf refining capacity has been damaged or destroyed, leaving a shortfall of around 11 million barrels per day on global oil markets. Lescourour also warned that restoring this capacity could take years.
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