By Stephanie Kelly and Ahmad Ghaddar LONDON, April 17 (Reuters) - The world has lost over $50 billion worth of crude oil that has not been produced since the Iran war began nearly 50 days ago and the

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 demand in the United ⁠States, or more than a month of oil for all of Europe, according to Reuters estimates.

• Roughly six years of fuel consumption for the U.S. military, based on annual usage of about 80 million barrels from fiscal year 2021.

• Enough fuel to run the world’s international shipping ​industry ​for around four months.

  • teft@piefed.socialEnglish
    4·
    10 days ago

    Roughly six years of fuel consumption for the U.S. military, based on annual usage of about 80 million barrels from fiscal year 2021.

    That’s off by a factor of 100. 50 billion divided by 80 million is 625 years.