Good morning from the Financial Times.

Today is Thursday, April 16th, and this is your FT News briefing.

Gulf states go on a wartime borrowing spree, and we look into what oil rationing might soon look like.

Plus, China had a record trade surplus last year, and that is fueling worries. The world will be

overwhelmed by its exports. I'm Victoria Craig, and here's the news you need to start your day.

Gulf states are tapping international debt markets as they tally the cost of rebuilding after the U.S.-Iran war.

Many discreetly raised nearly $10 billion in private bond sales this month after the conflict hit their economies hard.

It's forced them to halt oil and gas exports and caused widespread damage to their energy facilities. Typically, the Gulf fundraises on public markets, but Abu Dhabi,

Qatar, and Kuwait sidestepped that process this time. Borrowing costs can be more uncertain

in those public markets. The governments did not respond to FT requests for comment,

but the private debt sales highlight how the pause in fighting

is giving those states an opportunity to quickly raise cash.

The last of the oil tankers that set sail before the war in Iran began are now reaching their final destinations.

And with the critical strait of Hormuz still shut and no peace agreement yet reached, governments are going to need to start thinking about what running out of oil might actually look like.

Here to discuss that is the FTs Camilla Palladino.

She is the deputy head of our Lex column.

Hi, Camilla.

Hi. Thank you for having me.

Thanks for being here.

So I guess the big question is, are we really on the precipice of a real and problematic global oil shortage? Yes, definitely. This is when the last

of the supply chain from the Strait of Formuz gets to us. And after that, there's nothing behind it.

And so we're going to feel the impact. For example, it takes 15 days for tankers from the Gulf

...