BREAKING: The world has lost over $50 billion worth of crude oil that has not been produced since the Iran war began nearly 50 days ago, according to analysts and Reuters calculations.
Iranian Foreign Minister Abbas Araqchi said on Friday the Strait of Hormuz was open following a ceasefire accord agreed in Lebanon, while U.S. President Donald Trump said he believed a deal to end the Iran war would come “soon", though the timing remains unclear.
Since the crisis began at the end of February, more than 500 million barrels of crude and condensate have been knocked out of the global market, according to Kpler data - the largest energy supply disruption in modern history.
Gulf Arab countries lost about 8 million barrels per day of crude production in March, nearly equivalent to the combined production of Exxon Mobil (XOM) and Chevron (CVX), two of the biggest oil companies in the world.
With crude prices averaging around $100 a barrel since the conflict began, those missing volumes represent roughly $50 billion in lost revenues, said Johannes Rauball, a senior crude analyst at Kpler. That equates to a 1% cut in Germany's annual gross domestic product, or roughly the entire GDP of smaller countries such as Latvia or Estonia.$HIGH
