The global economy has lost $50 billion due to an oil shortage caused by the war in Iran
This is according to Reuters.
This figure represents the most significant shock to the energy sector in modern history. The volume of lost crude is equivalent to a complete halt in global road traffic for 11 days or a month’s worth of demand across the whole of Europe.
The main cause of the crisis was a sharp drop in production in the Gulf states, where output fell by 8 million barrels a day in March.
With an average price of around $100 per barrel, the total losses from the shortage have already reached $50 billion.
The situation is particularly critical in the aviation sector: fuel exports from key Arab states have plummeted to almost a fifth of February’s levels.
Experts point out that such revenue losses are equivalent to 1% of Germany’s annual GDP, and the global economy will feel the consequences of this resource shortage for years to come.
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