World risk · Energy and resources · Gulf & Hormuz (Iran war)

Gulf crude to the Netherlands stops for a month again

The test Eurostat's monthly data record zero crude oil imports into the Netherlands from Iraq, Saudi Arabia, the UAE and Kuwait together in at least one calendar month from November 2026 to October 2027.

Not under way · Confidence: medium · Reviewed 25 Oct 2026 · Scores from 1 to 10

This page answers: What could happen, how it is scored, and who is exposed?

Using this page
  1. Read the two scores: Likelihood and Impact are kept apart.
  2. Check what is happening, each fact with its source.
  3. Use the calendar for the dates to watch.

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Likelihood
5Elevated steady this month
Impact
3Low steady this month
Breadth4
Depth1
Duration3
Hard to substitute2
Canada pointNot added0

Impact is the average of the four parts, rounded, plus one point when Canada is directly hit on two or more channels, up to 10.

Two separate scales from 1 to 10. Strature never multiplies or merges them.

What changed

Dated, newest first

  1. 2025 monthly sum: Iraq about 4.05 Mt of 52.45 Mt (7.7%); four Gulf producers about 4.75 Mt (Saudi Arabia 0.70 Mt), 9.1% (Strature calculation); Iraq shipped every month [2]
  2. Gulf crude to the Netherlands zero in April, May and June 2026; no zero month from July 2023 to March 2026 [2]
  3. Total Dutch crude imports 4.68 Mt in April and May 2026 and 3.74 Mt in June (June 2025: 3.88 Mt; 2025 monthly range 3.34 to 5.08 Mt); US 0.72 Mt in April and 1.79 Mt in May; Norway 1.01 Mt in March and 1.19 Mt in April [2]
  4. July 2026: Iraq 0.15 Mt, UAE 0.07 Mt [2]
  5. Rotterdam crude throughput up 2.1% and product exports up 31.9% in Jan-Sep 2026 [5]
  6. Hormuz flows 10.9 mb/d in September; Gulf crude exports 13.9 mb/d, over 75% of pre-war; Iraq supply 4.10 mb/d; Dated averaged US$116.89 in September [3]
Show 2 earlier changes
  1. 2024 Dutch crude imports 48.37 Mt: Iraq 4.18 Mt (8.6%), Saudi Arabia 2.24 Mt, UAE 0.21 Mt; four Gulf producers 13.7% by weight (Eurostat energy statistics; shares Strature calculation) [1]
  2. EIA: Brent US$105 in 4Q26 and US$84 in 2027; Middle East flows constrained through 4Q26 [4]

Why it matters

It has already happened once this year. Eurostat's monthly data show no crude from Iraq, Saudi Arabia, the UAE or Kuwait reaching the Netherlands in April, May or June 2026, the first such months since at least mid-2023. Gulf crude came back in July, and Gulf exports were over 75% of pre-war levels in September. Dutch total crude imports barely moved while the Gulf barrels were gone: the risk is a cost, not a shortage.

Why Likelihood 5 Brakes: Iraq shipped every month from July 2023 to March 2026.

Why Impact 3 Threshold case one month without Gulf crude; Dated Brent not moved by this event alone. The worse case is the event of the risk “The Strait of Hormuz shuts again”.

Where it sits

Strait of Hormuz11. Gulf crude to the Netherlands stops for a month again: Low impact · possible1 · Low impact · possibleStrait of HormuzAFGHANISTANUAEIRANIRAQKUWAITOMANSAUDI ARABIATHE GULFGULF OF OMAN0500 kmat 26°NMap data: Natural Earth (public domain).
Strait of Hormuz11. Gulf crude to the Netherlands stops for a month again: Low impact · possibleStrait of HormuzUAEIRANKUWAITOMANTHE GULF0300 kmat 26°NMap data: Natural Earth (public domain).

How it spreads

If

Eurostat's monthly data record zero crude oil imports into the Netherlands from Iraq, Saudi Arabia, the UAE and Kuwait together in at least one calendar month from November 2026 to October 2027.

Not under way

Channels 4 on the card

  1. CanadaNo direct Canadian loss sourced; world prices if the cause is a new Hormuz closure.
  2. Refining costsDutch refiners would buy replacement Atlantic crude at war-time prices (a margin cost, not a supply gap).
  3. Products for north-west EuropeA grade change can alter refinery yields for the region's diesel and jet (not sized).
  4. Gulf sellersIraq would lose a European outlet of about 0.34 Mt a month; the four producers one of about 0.40 Mt a month (Strature calculation from 2025 monthly data [2]).

Goods 1

Sectors 2

  • Energy and pipelines
  • Ports and logistics

Who is exposed

Sectors
Energy and pipelines, Ports and logistics

Three scenarios and their signposts

  1. S1

    Back to normal

    Gulf cargoes arrive most months, at lower volumes than 2024.

  2. S2

    A thin trickle

    Refiners keep Atlantic crude and Gulf cargoes come every second month.

  3. S3

    A second stop

    A renewed strike on Iran or a new closure of Hormuz cuts Basra loadings again.

The signposts of each scenario
PathSignpost
S1Eurostat shows Gulf crude each month from July 2026
S2A zero month in Eurostat for August or September 2026
S3F-0074 resolves yes by 20 Nov 2026. Strature forecast F-0074: 61% (21 Aug 2026)

No probability is given for the three paths.

Forecasts

Strature forecast linked to this risk

61%F-0074 · A renewed US or Israeli strike on Iran, 22 Aug-20 Nov 2026 (operative)
Strature forecast F-0074: 61% (21 Aug 2026) · resolves by 20 Nov 2026
050100%

Where the card uses it F-0074 resolves yes by 20 Nov 2026. Strature forecast F-0074: 61% (21 Aug 2026)

A forecast is a probability on a dated question. The Likelihood score above is a separate judgement and is never turned into a percentage.

The forecast register lists every forecast and how it is scored.

Dates to watch

Calendar

The dates to watch

A dot is a day, a bar a month or a year; a hollow mark is tentative. The line marks today.

  1. Nov 2026 IEA Oil Market Report, November [3] Tentative · Outside event
  2. 20 Nov 2026 F-0074 resolves (a renewed US or Israeli strike on Iran). Strature forecast F-0074: 61% (21 Aug 2026) [6] Declared · Strature date

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SourceStrature world-risk card; the dates cite the sources below.
Exhibit R-3 · NETHERLANDS · strature.net

The other side

The April-June stop showed Rotterdam can switch to Norwegian and US crude within a month (Strature reading of Eurostat monthly data [2]). Product exports from Rotterdam rose 31.9% in January-September 2026 [5] as Europe lost Gulf products, so the hub gains when Gulf refined supply falls.

Sources

6 sources, numbered as the text cites them

  1. Imports of oil and petroleum products by partner country, annual data (nrg_ti_oil), crude oil, Netherlands, 2024. Eurostat · 9 Oct 2026 · Official · confidence high · retrieved 25 Oct 2026
  2. Imports of oil and petroleum products by partner country, monthly data (nrg_ti_oilm), crude oil, Netherlands, July 2023 to July 2026. Eurostat · 23 Oct 2026 · Official · confidence high · retrieved 25 Oct 2026
  3. Oil Market Report, October 2026. IEA · 14 Oct 2026 · International body · confidence high · retrieved 25 Oct 2026
  4. Short-Term Energy Outlook, October 2026. US EIA · 6 Oct 2026 · Official · confidence high · retrieved 25 Oct 2026
  5. Throughput in the port of Rotterdam rose by 0.9% in the first nine months of the year. Port of Rotterdam Authority · 16 Oct 2026 · Official · confidence high · retrieved 25 Oct 2026
  6. Forecast register (row F-0074). Strature · 2026 · Think tank · confidence high · retrieved 25 Oct 2026

Reviewed 25 Oct 2026 · version 1 · last change: reviewed · All risks