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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

Charalambos Ellinas, an energy expert, states that the war in Iran has caused global chaos in oil supply, with losses of 10 million barrels per day. This shortage cannot be replenished immediately and affects the prices of gasoline, diesel, and electricity, which are already rising in Cyprus. He proposes imposing a cap on the profits of gas stations and VAT, maintaining only the increase in import costs. Mr. Ellinas points out that the Strait of Hormuz, a critical point for global energy flow, has almost closed, further limiting the oil supply. Countries in the Persian Gulf, which could increase production, are blocked. He expresses the assessment that oil prices will continue to rise, potentially reaching $150-200 per barrel if the crisis lasts for three months. In addition, he reports bombings at oil facilities in Israel, worsening the situation. Beyond oil, the crisis also affects other basic raw materials, such as ammonia for fertilizers, sulfur, helium, and methanol, causing serious impacts on food production and many other sectors.