A day after agreeing to release a record amount of oil from strategic stocks, the International Energy Agency said on Thursday that the Middle East conflict is causing the largest disruption to the world’s oil supply.
According to the agency’s most recent monthly oil market report, the conflict has caused the Middle East Gulf countries to reduce their overall oil production by at least 10 million barrels per day, or about 10% of global demand.
The IEA said these losses are expected to rise in the absence of a swift restart of maritime movements.
