Over $50 billion worth of crude oil that has not been produced has been lost globally since the Iran war began nearly 50 days ago.
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.
However, Tehran threatened on Saturday to shut the Strait of Hormuz once more if the United States continues its blockade of Iranian ports, hours after Iran announced it had reopened the strategic waterway in the wake of a ceasefire in Lebanon.
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 reported by Reuters.
Calculations noted that the aftershock of the crisis will be felt for months and even years to come.
Put differently, 500 million barrels of oil lost to the market is equivalent to:
READ ALSO: Iran Threatens To Close Hormuz Again, If US Blockade Continues
Global onshore crude inventories have fallen by about 45 million barrels so far in April, according to Kpler.
Since late March, global production outages have reached roughly 12 million bpd.
