The disruption of oil production projects due to the ongoing conflict in the Middle East has cost the global economy more than $50 billion, according to analytical companies Wood Mackenzie and Kpler, Reuters reports.

According to Kpler, more than 500 million barrels of crude oil and condensate have been removed from the global market since the end of February. According to analysts, this is the largest disruption to global energy supplies in modern history.

Analysts warn that the consequences of this crisis could last for months or even years.

As per Iain Mowat, principal analyst at Wood Mackenzie, such a loss of amount is comparable to 10 weeks of global aviation demand or an 11-day complete shutdown of global road traffic.