The global oil market has lost more than $50 billion due to reduced production since the start of the war in Iran, which has been ongoing for nearly 50 days. This is based on calculations by Reuters and estimates from analysts.<\/p>\n
During this period, more than 500 million barrels of crude oil and condensate have been removed from the global market, marking the largest energy supply disruption in modern history, according to data from Kpler.<\/p>\n
In other words, the 500 million barrels lost are equivalent to a 10-week reduction in global aviation fuel demand, a complete halt of all road transport worldwide for 11 days, or five days without oil for the entire global economy.<\/p>\n
Analysts estimate that the lost volume is roughly equal to nearly one month of oil consumption in the United States or more than a month in Europe. It also corresponds to about six years of fuel consumption by the U.S. military or four months of global maritime shipping activity.<\/p>\n
In March, Gulf countries lost around 8 million barrels per day in production \u2014 nearly matching the combined output of Exxon Mobil and Chevron. Exports of aviation fuel from the region also dropped sharply, from 19.6 million barrels in February to 4.1 million barrels in March and April.<\/p>\n
At an average price of around $100 per barrel, these lost volumes translate into approximately $50 billion in foregone revenue, said Kpler senior analyst Johannes Raubal.<\/p>\n
This is comparable to a 1% reduction in Germany\u2019s annual GDP or roughly equal to the entire GDP of smaller countries such as Latvia or Estonia.<\/p>\n
Analysts note that restoring oil field operations in Kuwait and Iraq may take 4\u20135 months, while full recovery of the region\u2019s energy infrastructure could take years, particularly due to damage to refining facilities and the Ras Laffan gas complex in Qatar.<\/p>\n","protected":false},"featured_media":151497,"menu_order":0,"template":"","newscat":[9],"newstag":[],"issues":[],"class_list":["post-151496","news","type-news","status-publish","has-post-thumbnail","hentry","newscat-novosti"],"_links":{"self":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news\/151496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media\/151497"}],"wp:attachment":[{"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/media?parent=151496"}],"wp:term":[{"taxonomy":"newscat","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newscat?post=151496"},{"taxonomy":"newstag","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/newstag?post=151496"},{"taxonomy":"issues","embeddable":true,"href":"https:\/\/ldaily.ua\/en\/wp-json\/wp\/v2\/issues?post=151496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}