Iran War Adds $330 Billion to Global Energy Import Bill
The war between the United States, Israel, and Iran has caused the oil and gas import bill of the world to swell by as much as $330 billion over the six months between March and August. That’s despite a smaller-than-feared oil price climb and equally smaller-than-feared rise in gas prices. However, the war is not over yet. The bill could swell further. The data comes from the Finland-based…
The ongoing war between the United States, Israel, and Iran has resulted in a staggering $330 billion increase in the global energy import bill between March and August, according to a report by the Finland-based Centre for Research on Energy and Clean Air (CREA). Despite modest oil and gas price increases, the conflict's impact on the Persian Gulf has been immense, with the European Union and China among the hardest hit.
The EU's energy import bill surged by $78 billion over the six-month period, largely due to its heavy reliance on oil and gas imports, notably from the U.S. and liquefied natural gas. China, the world's largest crude oil and LNG importer, also faced a $35 billion extra cost, while India paid $22 billion more for its energy imports.
The war has cut refining capacity in the Middle East, leading to higher fuel prices that are expected to persist even after the conflict ends. However, wind and solar energy sources have offset some of the cost increases, saving importers $36 billion during the same period.
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