Estimated losses in the oil market reached 800 million barrels in March-April, growing to 1 billion barrels by mid-May, according to the IEA. This compares to a cumulative intervention of 400 million barrels, including the US. Before the conflict, global observable reserves in February stood at 8,185 million barrels; however, a significant portion is operational,…
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Oil Market Faces Billion-Barrel Deficit Amid Strait Crisis, Reserves Struggle to Compensate
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