Shell CEO says oil market is short nearly 1 billion barrels due to Iran war and the hole deepens every day

The oil market faces a shortage of nearly one billion barrels that will only get worse every day the conflict in the Middle East drags on, Shell CEO Wael Sawan told investors Thursday. "The hard facts are we have dug ourselves a hole of close to a billion barrels of crude shortage at the moment, either because of locked in barrels or unproduced barrels," Sawan said during the London-heaquartered oil producer's first-quarter earnings call. "And of course, that hole is deepening every single day so the journey back will be a long one," Sawan said. To put that number in context, the entire world consumes about 100 million barrels of oil every day, according to data from OPEC. Halliburton also estimates that oil production lost due to the war is trending toward a billion barrels, CEO Jeffrey Miller said on the oilfield service company's April 21 earnings call. "Recovery of oil and gas production and inventories will not be a quick or simple process," Miller said. Small consumption decline Demand destruction due to lost oil supplies have been modest so far, Sawan said. Jet fuel consumption has been curtailed by around 5% in the airline industry, the Shell CEO said. "What you are seeing, in essence, is just the hard realities of taking 12% of the world's crude off the market and you have to be able to counter that," Sawan told CNBC's " Money Movers " on Thursday. The oil market is facing the biggest supply disruption in history, according to the International Energy Agency. …