Goldman Sachs commodity analysts warned that global crude inventories are approaching record lows as the war in the Middle East continues to choke tanker traffic through the Strait of Hormuz. The warning highlights the potential for a prolonged supply squeeze. The conflict has already cost Middle Eastern producers as much as 13 million barrels daily in lost output, and exports of crude plus refined products have slumped by an estimated 20 million barrels, according to Fatih Birol, head of the IEA . These figures underscore the severity of the disruption. The analysts noted that even if the Strait of Hormuz reopens by May, the decline will continue into June. Nomura warned of an additional loss of 2.3 million barrels daily for March. Compared with a year earlier, Middle Eastern oil production is down by 9.3 million barrels daily, a 57% supply squeeze. The note was quoted by the Wall Street Journal . Fatih Birol, head of the IEA , said that more than 80 oil and gas facilities in the region have been damaged, contributing to the severity of the situation. Nomura's analysts said normal production rates could take until the end of the year to return. If the Strait of Hormuz reopens by the end of the month, inventories will still be low into June, but gradual improvements in tanker traffic could help stabilize supply. The IEA projects that returning to normal production rates in the Middle East could take up to two years, with Iraq requiring more time than Saudi Arabia.