Since the beginning of the US and Israel's war with Iran at the end of February, over 500 million barrels of crude oil and condensate have disappeared from the global market – according to Kpler data. These are the largest energy supply disruptions in history, writes Reuters.
As calculated by Reuters, 500 million barrels of oil lost on the market is equivalent to almost a month's demand for oil in the United States or more than a month's demand in the whole of Europe.
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The price of oil is not the only problem
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 combined in March and April, according to Kpler data. According to Reuters estimates, the loss in exports would be enough for about PLN 20,000. round-trip flights between New York JFK and London Heathrow.
With oil prices averaging around $100. per barrel since the start of the conflict, these missing volumes represent a loss of revenue of around $50 billion, Johannes Rauball, senior oil analyst at Kpler, told Reuters.
See also: The US seized an Iranian cargo ship. Oil price skyrockets
The Persian Gulf countries had to turn off the oil tap
Global onshore crude oil inventories fell by about 45 million barrels in April, according to Kpler. Since the end of March, production interruptions have amounted to approximately 12 million barrels per day.
Rauball said it could take four to five months for oil fields in Kuwait and Iraq to return to normal operating levels, extending the depletion period into the summer. Damage to refining capacity and Qatar's Ras Laffan LNG complex means it could take years to fully rebuild regional energy infrastructure.
Oil price
The sudden escalation in tensions over the weekend came after the United States and Iran appeared to be close to an agreement late last week.
Oil prices fell sharply on Friday after Iran suddenly opened the strait to trade traffic in response to a U.S.-brokered ceasefire agreement in Lebanon. However, it quickly became clear that Tehran was imposing the same conditions for transit through the strait as before.
The U.S. Navy fired on an Iranian container ship in the Gulf of Oman on Sunday, and marines later seized the ship, President Donald Trump said. The ship was trying to bypass a naval blockade of Iranian ports, Trump said in a post on Truth Social.
The U.S. seizure of the ship came after Iran attacked the tanker in the Strait of Hormuz on Saturday.
After these events, the oil price returned to its upward path on Monday. WTI crude oil prices rise by 4% on Monday. up to $87 per barrel, and Brent crude oil, the international benchmark, by 5 percent, to $95. for a barrel.
