Explaining what the lost 500 million barrels of Middle Eastern oil mean for the global market.
According to analysts and calculations by Reuters, the world has lost more than $50 billion in crude oil due to the war in the Middle East, and the consequences of this crisis will be felt for many months and even years to come.
As the news agency reports, citing data from Kpler, since the onset of the crisis at the end of February, more than 500 million barrels of oil and condensate have been removed from the global market. This is the largest disruption in energy supply in modern history, the article emphasizes.
With an average oil price of around $100 per barrel since the conflict began, these shortfalls represent approximately $50 billion in lost revenue, said Johannes Raubal, a senior analyst at Kpler. This is equivalent to a reduction in Germany's annual GDP of about 1% or comparable to the GDP of small countries like Latvia or Estonia, the Reuters article explains.
Iranian Foreign Minister Abbas Araghchi stated on Friday that the Strait of Hormuz was reopened following a ceasefire agreement reached in Lebanon. At the same time, U.S. President Donald Trump noted that, in his opinion, an agreement to end the war with Iran would be reached "soon," although exact timelines remain unclear.
According to Raubal, oil fields of heavier grades in Kuwait and Iraq may take four to five months to return to normal operations, leading to a supply shortage throughout the summer. Damage to oil refining facilities and Qatar's liquefied natural gas production complex at Ras Laffan means that full recovery of the regional energy infrastructure could take years, the article states.
