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FINWIRES

Iran War Erases $50 Billion in Global Oil Revenue, Reuters Analysis Says

-- The Iran war has inflicted a staggering $50 billion blow to global energy revenues in just 50 days, according to a Reuters analysis released on Friday.

Since the conflict erupted at the end of February, more than 500 million barrels of crude and condensate have been removed from the global market, the report noted.

According to the analysis, in March alone, Gulf Arab nations lost about 8 million barrels per day of production, a volume nearly equal to the combined output of oil giants Exxon Mobil (XOM) and Chevron (CVX).

The impact on refined products has been equally severe. Jet fuel exports from Saudi Arabia, Qatar, the UAE, Kuwait, Bahrain, and Oman collapsed from 19.6 million barrels in February to just 4.1 million barrels for March and April combined, it said.

Global onshore inventories have fallen by 45 million barrels in April alone, while total production outages remain at roughly 12 million b/d, as per the report.

The physical restoration of the region's energy infrastructure is expected to be a multi-year endeavor, it added.

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