This was reported by Reuters with reference to the calculations of analysts Wood Mackenzie and data from Kpler.
For 50 days of war between the U.S. and Iran, 500 million barrels of oil and condensate were withdrawn from the world market. which was the largest disruption in energy supply in modern history. During the conflict, due to the rise in oil prices (up to about $100 per barrel), the lost profits due to supply shortages amounted to about $50 billion, according to Johannes Rauballa, senior oil analyst at Kpler.
Wood Mackenzie notes the scale of what happened: the loss of 500 million barrels is comparable to 11 days of a complete shutdown of motor transport in the world or a 5-day shutdown of the world economy from oil supplies. Such a volume of fuel would also be enough for four months of operation of all shipping in the world and a month of oil consumption in the United States.
Despite claims of opening the Strait of Hormuz, through which up to a fifth of the world’s oil passes, analysts expect the recovery to be slow. Heavy oil production in Kuwait and Iraq could return to normal in four to five months, Rauballah said, while rebuilding damaged infrastructure in Qatar’s Ras Laffan could take years.
