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,…
Europe has hit a mathematical wall: the blockage of the Strait of Hormuz has removed 5 to 7 million barrels per day (b/d) from the market. Replacement by American Liquefied Natural Gas (LNG) cannot cover this deficit due to the physical limits of regasification capacities. Under these conditions, the return of Russian oil and gas…
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