Since the crisis began in late February, global oil supplies have declined by 500 million barrels — this is equivalent to a month's demand for oil in the United States or more than a month's demand for all of Europe.
As Iain Mowat, chief analyst at Wood Mackenzie, emphasizes, such a loss corresponds, among others, to reducing global aviation demand for 10 weeks or no road travel for 11 days.
In the Persian Gulf countries, which were severely affected by the conflict, daily oil production losses amounted to approximately 8 million barrels in March. This is almost equivalent to the combined production of the world's two largest oil giants, Exxon Mobil and Chevron.
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Jet fuel exports from Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, Bahrain and Oman fell to just 4.1 million barrels in March and April, a drastic decline from 19.6 million barrels in February.
Economic and infrastructure impacts
At average prices of a barrel of oil of $100, the value of the lost raw material is approximately $50 billion..
Johannes Rauball, senior oil analyst at Kpler, emphasizes that this is equivalent to 1 percent. Germany's annual GDP or the entire gross domestic product of smaller countries such as Latvia or Estonia.
Since April, global onshore oil stocks have declined by approximately 45 million barrels, and production disruptions have reached 12 million barrels per day. Experts warn that depletion of supplies could last until the summer, which will further burden the global energy market.
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In the face of such serious losses, full stabilization of the energy sector in the Persian Gulf region remains a distant prospect.
