The ongoing U.S.-Iran conflict has resulted in the loss of 600 to 700 million barrels of oil supply, with the figure expected to reach at least 1 billion barrels by the time the market recovers, according to Russell Hardy, CEO of Vitol, the world’s largest oil trader.

Hardy shared these figures at the FT Global Commodities Summit on Tuesday. He stated that the war has led to a loss of 12 million barrels per day of hydrocarbons due to the supply crisis.

The conflict has also impacted demand, with 4 million barrels per day of oil demand lost as a result of the supply disruptions, Hardy said.

Additionally, Hardy noted that 300 to 400 million barrels of fuel inventories will be used due to the war.
Source: Investing.com