How 50 days of the Iran war led to the loss of $50 billion worth of oil [Yahoo! Finance Canada]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance Canada
produced since the Iran war began nearly 50 days ago and the aftershock ?of the crisis will be felt for months and even years to come, according to analysts and Reuters calculations. 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. 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. Put differently, 500 million barrels of oil lost to the market is equivalent to: • Curtailing aviation demand ?globally for 10 weeks; no road travel ?by any vehicle globally for 11 days; or no oil for the global economy for five days, said Iain Mowat, principal analyst at Wood Mackenzie. • Nearly a month of oil
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News
- Stock Market Today, April 17: Oil Prices Drop As Strait of Hormuz Reopens [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
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