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Greek Expert: 'Global Chaos' in Supply - 10 Million Barrels Daily Losses

Published March 16, 2026, 12:11
Greek Expert: 'Global Chaos' in Supply - 10 Million Barrels Daily Losses

The war in Iran has caused significant disruptions to the global supply, with losses of 10 million barrels of oil per day. This has led to price increases and affects various sectors, such as energy, food, and transportation. Charalambos Ellinas warns of a possible rise in the price of oil to $150-200 per barrel if the crisis continues. In addition to oil, the crisis also affects the supply of other essential materials, such as ammonia, sulfur, helium, and methanol. The relocation of six military aircraft from Turkey to the occupied territories is considered a violation of US law, and Mr. Ellinas is requesting a meeting with the US Ambassador to Cyprus to discuss the issue. Mr. Ellinas emphasizes the need for coordinated initiatives from Cyprus and Greece, in order to take advantage of the opportunities that arise and address Turkish challenges.