Middle East Conflict Takes 11.8 Million Barrels Per Day Off Global Oil Markets

The Middle East conflict has caused a significant impact on global oil markets since its outbreak in March. During this six-month period, global markets lost a total of 11.8 million barrels per day (b/d) of crude oil and other supplies from the region, which accounts for 58% of pre-war flows.

This loss translates to a staggering 2.17 billion barrels over the period. The resulting shortfall has been filled by inventories, higher output in various countries, and a large decline in consumption.

According to preliminary estimates, demand has fallen by an average of 2.8 million b/d during this time.