More than 1 Billion Barrels of Oil Have Gone Missing
16 Articles
16 Articles
The opening of the Strait of Hormuz, through which a fifth of the world's oil and liquefied natural gas flows, is good news. Worse, the market lost so much oil during its months-long closure following the US and Israeli attack on Iran that reopening alone may not be enough to calm the situation. According to the analysis company Kpler, 1.15 billion barrels of oil disappeared from the world market during the war.
The good news: the Strait of Ormuz is open again, after Iran and the United States signed a memorandum of understanding this week.
By David Goldman, CNN. The good news: The Strait of Hormuz is open again after Iran and the United States signed a memorandum of understanding this week. The bad news: It may be too late. No oil has been extracted from the Middle East for nearly four months. In total, the world lost 1.15 billion barrels of oil during the trade war, according to the analysis firm Kpler. This has left the oil market in a precarious position, and it is rapidly appr…
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