The World Bank allowed a repeat of the 1973 oil shock
With the sharp expansion of the geography of the military conflict in the Middle East and the involvement of a number of regional states in it, the global energy market may face serious disruptions in the supply of raw materials. In this case, the total losses will be estimated at around 6-8 million barrels per day. In terms of its scale, such a reduction will be comparable to the Arab oil embargo of 1973. "Prospects (of the world economy in such a scenario — approx. "Tapes.ru") can quickly deteriorate," the organization warned.
The World Bank also added that even in the case of small interruptions in the supply of raw materials due to the conflict in the Middle East, the reduction in supply at the global level can range from 500 thousand to two million barrels per day. In this scenario, the exchange prices for oil will be in the range of 93-102 dollars, which will exert additional inflationary pressure. In turn, with "average" interruptions at the level of 3-5 million barrels per day, commodity quotes can jump to $ 121 per barrel, the World Bank concluded.