The global economy has suffered losses of more than $50 billion due to disruptions caused by the war with Iran, according to analysts from Wood Mackenzie and Kpler.

Experts say over 500 million barrels of crude oil and condensate have been removed from the market since the conflict began, marking one of the largest energy supply disruptions in modern history, The Caspian Post reports via foreign media.

Ian Mowat said the missing supply is equal to cutting global air travel demand for 10 weeks, halting all vehicle movement worldwide for 11 days, or depriving the world economy of oil for five full days. Analysts noted this is nearly a month of U.S. oil consumption or more than a month of Europe’s total demand.

In March alone, Persian Gulf producers lost around 8 million barrels per day of output - almost matching the combined production of Exxon Mobil and Chevron.

According to Kpler, jet fuel exports from Saudi Arabia, Qatar, United Arab Emirates, Kuwait, Bahrain and Oman plunged from 19.6 million barrels in February to just 4.1 million barrels in March and April.

Senior Kpler analyst Johannes Rauball said the missing volumes are roughly equal to a 1% hit to Germany’s annual GDP, or the total economic output of smaller nations such as Latvia or Estonia.