BAKU, Azerbaijan, March 17. The oil shortage on global markets can exceed 500 million barrels in the next 100 days if the war situation and restrictions in the Strait of Hormuz continue, Iranian energy expert Feridun Hasanvand told local media, Trend reports.
Hasanvand stated that the G7 countries plan to release five million barrels of oil per day from their strategic reserves over the same period.
He explained that the restrictions imposed by Iran in the Strait of Hormuz are intended to offset 10.5 million barrels of the total 18 million-barrel crude oil shortfall. This will result in a remaining shortage of 7.5 million barrels of crude oil on the global market.
"However, it is crucial to note that if the situation continues as it is, the global oil shortage will likely worsen in the coming months, and the volume of crude oil entering the market from strategic reserves, as well as from tankers, will significantly decline. As a result, the daily crude oil shortage could escalate to 13 million barrels," he cautioned.
Since no concrete agreement was reached in negotiations between the United States (US) and Iran over the nuclear program, the US and Israel began military airstrikes against Iran on February 28. In response, Iran launched missile and drone attacks on Israel and US military facilities located in countries across the region, starting the same day.
On the first day of the air strikes against Iran, Iran’s Supreme Leader Ayatollah Seyyed Ali Khamenei and several high-ranking military officials were killed. On March 8, Iran’s Assembly of Experts elected Seyyed Mojtaba Khamenei as Iran’s third Supreme Leader by majority vote.
From March 1 through March 5, the confrontation expanded further, affecting several countries across the Middle East.
According to information, the U.S. side suffered losses of 8 dead and more than 140 wounded.
The ongoing conflict has significantly threatened the region’s energy infrastructure and maritime transport. Oil prices have surged on global markets due to heightened security tensions around the Strait of Hormuz, prompting several countries to advise their citizens to leave the region.
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