The oil crisis is worsening worldwide

In the near future, the global economy risks facing a crisis comparable to the 2008 recession, Bloomberg reports, citing forecasts by analysts at Rapidan Energy Group (REG).

This will happen if the Strait of Hormuz remains closed until August this year. In such a scenario, the imbalance between global oil supply and demand will worsen, and global crude oil reserves will continue to decline. Experts explained that developed countries will actively release reserves to compensate for the rapid increase in oil prices.

If this scenario takes hold, the global crude oil deficit would reach 6 million barrels per day in the third quarter. As the conflict in Iran drags on, the risks of a repeat global financial meltdown will be high, even though the current global economic situation appears less extreme than during previous crises in the 1970s and 2007-2008. Even if the Strait of Hormuz reopens in July, REG expects oil prices to reach around $130 per barrel in the next few months.

This uncertainty is also influenced by nuclear tensions between Iran and the United States.

Iran’s Supreme Leader, Mojtoba Khamenei, has said that Tehran will not accept the transfer of its enriched uranium stockpiles to other states, a stance that reduces the chances of a quick agreement with the White House.

Although Pakistan is acting as the main mediator between the two sides, negotiations are progressing relatively slowly.