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Estimates indicate that the war on Iran and the disruption of Persian Gulf supplies have resulted in a loss of approximately 11 million barrels of oil per day, marking the largest supply outage since the Iranian Revolution of 1979. Although remaining international inventories could theoretically cover the supply gap for several months, logistical challenges and restrictions on drawing from reserves—along with declining production in the Gulf—limit markets' ability to quickly compensate for the shortfall. Over the course of a year, global oil supply has decreased by about 6.3 million barrels per day compared to a year earlier, with markets for products such as diesel and jet fuel suffering due to reduced exports from Russia and the region. Meanwhile, China holds strategic reserves sufficient to cover its imports for nearly a year.
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