The world lost $50 billion in oil from the war - What does this figure mean for the global economy?
The world has lost over $50 billion worth of unproduced crude oil since the start of the war with Iran nearly 50 days ago, and the consequences of the crisis will be felt for months and even years to come, according to analysts.
Since the crisis began in late February, more than 500 million barrels of crude oil and condensate have been eliminated from the global market, according to Kpler data, the largest energy supply disruption in modern history.
In other words, 500 million barrels of oil lost to the market are equivalent to:
A halt to global aviation demand for 10 weeks; no road travel by any vehicle globally for 11 days; or no barrels of oil for the global economy for five days. 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, according to Reuters estimates.
Approximately six years of fuel consumption for the U.S. military, based on annual use of about 80 million barrels by fiscal year 2021. Enough fuel to run the world's international shipping industry for about four months.
Gulf Arab countries lost about 8 million barrels a day of crude oil production in March, almost equivalent to the combined output of Exxon Mobil and Chevron ( CVX.N ), two of the world's largest oil companies.
Jet fuel exports from Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, Bahrain and Oman fell from about 19.6 million barrels in February to just 4.1 million barrels for March and April so far combined, according to Kpler data. The loss of exports would have been enough for about 20,000 round-trip flights between New York's JFK airport and London's Heathrow.
With crude oil prices averaging around $100 per barrel since the start of the conflict, these missing volumes represent approximately $50 billion in lost revenue. The largest crude oil fields in Kuwait and Iraq could take four to five months to return to normal operating levels, prolonging stockpiling through the summer.
Kosovo, large increase in foreign investments in 2025 - They increased by 30%, reaching 1.03 billion euros
Kosovo is marking an important moment in economic development, positioning itself as a leader in the Balkan region for the growth of Foreign Direct......
How has this week started for the major currencies?
The US dollar has started the week positively, registering a slight increase in value compared to a week ago, as it was bought this morning at 80.8 lek and......
8 million homes in Italy, uninhabited - Analysis, 86% of owners cite non-payment of rent as main concern
In Italy, the housing crisis is not caused by a lack of housing, but by a supply that is struggling to become available, according to an analysis by the......
Pro-Russian ex-president wins Bulgarian elections - Rumen Radev's party gets over 44% of the vote
Pro-Russian former President Rumen Radev has won a landslide victory in Bulgaria's parliamentary elections, official results showed, potentially ending years......
Electricity prices eased - Bulgaria and Slovenia receive EU approval for schemes
The European Commission said it has approved state aid schemes to provide temporary electricity price relief for energy-intensive companies in Bulgaria and......
Antalya Diplomacy Forum, Minister Hoxha: Diplomacy, the strongest tool to promote dialogue
"In times of crisis, diplomacy remains our strongest tool to foster dialogue, build trust and advance peace." This was the position taken by the Albanian......
Lushnje, SHBB is created in the olive oil sector, Minister Salla: New model for the development of agriculture
The Minister of Agriculture and Rural Development, Andis Salla, together with the Mayor of Lushnja, Eriselda Sefa, presented in Lushnja the creation of the......
"Gateway to the Alps", a massive 100 million euro investment, co-financed with the EIB with a focus on mountain tourism
In Prime Minister Edi Rama's weekly notes, special attention was also paid to the Mountain Package and more specifically to the project that is part of this......
