Global Oil Supplies on Brink as War Disrupts 2.6 Billion Barrels

The ongoing war has caused a significant disruption to global oil supplies, with estimates suggesting that 2.6 billion barrels of oil have been lost since its beginning.

This is equivalent to 25 days' worth of global consumption, and the shortfall may have widened in July after Ukraine's drones shut down Kazakhstan's CPC pipeline, which pumps 1.8 million barrels a day.

The International Energy Agency (IEA) has announced that it will release 400 million barrels from its emergency reserves to help offset the supply gap, but analysts warn that this may not be enough to prevent sharp price spikes.