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Iran war could swell global energy import bill by up to $330 billion

Crude oil alone accounted for $164.1 billion of the extra cost over March to August, with the European Union seeing a $78 billion increase versus forecasts.

Reported · Written up by our desk · Energy

OilPrice reports that the U.S., Israel, and Iran conflict has pushed the world oil and gas energy import bill higher by as much as $330 billion during the six months from March to August, compared with what analysts had expected for those prices.

The article says the increase occurred even though oil and gas prices rose by less than feared, and it estimates the additional expense based on money paid to import oil, fuels, and LNG versus forecast price levels for the same period.

It adds that crude oil contributed $164.1 billion to the total extra import bill, followed by diesel and gasoil at $73.8 billion and gasoline at $35.7 billion. Liquefied natural gas was $38 billion more expensive for importers, while jet fuel had an extra import cost of $20 billion.

According to figures released by the Finland-based climate think tank Centre for Research on Energy and Clean Air, the European Union was hit hardest, with its energy import bill surging by $78 billion over the March to August window versus analysts' expectations, driven by its dependence on imported oil and gas, including U.S. crude and LNG.

Latest closeWTI crude $83.44 ▼0.1%|Nat gas $2.881 ▼0.9%|Gasoline (RBOB) $3.048 ▼9.9%

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