France Says 40 Percent of Gulf Energy Refining Capacity Has Been Wiped Out

Since the United States and Israel launched their Feb. 28 strikes on Iran, shipping traffic through the Strait of Hormuz has slowed to a near standstill.

A plume of smoke rises from a reported Iranian strike on the industrial district of Doha on March 1, 2026. Photo by Mahmud Hams/AFP via Getty Images

French Finance Minister Roland Lescure said on March 24 that between 30 and 40 percent of Gulf refining capacity has been damaged or destroyed, leaving a shortfall of around 11 million barrels per day on global oil markets.

Speaking before France’s National Assembly, Lescure said the disruption followed attacks on energy infrastructure across the region and warned that restoring capacity could take years.