Global oil market lost nearly USD 50 billion since Iran war began - Reuters

During the 50-day war between Israel and the United States against Iran, the global market has lost an estimated USD 50 billion in crude oil. The consequences of this will be felt in the coming months and even years.

This was reported by Reuters, citing data from the analytical company Kpler.

According to Kpler, more than 500 million barrels of crude oil and condensate have been removed from the global market since the end of February this year due to the war. Analysts are calling it the largest supply disruption in modern history.

The loss of 500 million barrels of oil is equivalent to cutting global air travel demand by ten weeks or shutting down the entire planet for 11 days.

Reuters estimates that this is equivalent to almost a month's worth of oil demand in the United States or more than a month's worth of oil for all of Europe. It is also comparable to the US military's six-year fuel consumption. It would also be enough oil to keep the entire shipping industry running for four months.

Johannes Rauball, senior oil analyst at Kpler, told Reuters that the missing volumes represent about USD 50 billion in lost revenue, based on an average oil price of around USD 100 a barrel since the war began.

Rauball believes that the full restoration of the energy infrastructure of the Persian Gulf countries, which was damaged by Iranian attacks, may take several years.

As Ukrainian News Agency earlier reported, on April 10, Bloomberg reported, citing its own sources, that Indian oil refining companies intend to continue purchasing russian oil due to the situation that arose on the market after the start of the war against Iran.

As a reminder, due to the war between Israel and the United States against Iran, the cost of russian Urals oil jumped to a 13-year high.