The global oil market, in almost 50 days of war with Iran, has lost over $50 billion due to underproduction of raw materials, and the consequences of the crisis will be felt for months or even years. Reuters writes about this, citing analysts and its own calculations, UNN reports.
Details
According to the agency, since the end of February, the global market has undersupplied more than 500 million barrels of oil and condensate. This is called the largest energy disruption in modern history.
The article notes that the lost volume is equivalent to almost a month's oil consumption in the United States or more than a month's needs for all of Europe. It would also be enough to provide international maritime shipping with fuel for approximately four months.
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At an average price of about $100 per barrel, the lost volumes mean approximately $50 billion in lost revenue.
The biggest losses were suffered by the Arab countries of the Persian Gulf, which reduced production by approximately 8 million barrels per day in March. This is almost equal to the combined production of giants such as Exxon Mobil and Chevron.
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In addition, exports of aviation fuel from Saudi Arabia, Qatar, UAE, Kuwait, Bahrain, and Oman sharply decreased.
Despite statements about the opening of the Strait of Hormuz after the ceasefire and expectations of a possible agreement, experts warn: the market will feel the consequences of the conflict for a long time.
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