World faces largest-ever oil supply disruption on Middle East war, IEA says
A pump jack is seen at sunrise near Bakersfield, California, US, Oct 14, 2014.
PHOTO: Reuters file
LONDON — The war in the Middle East is creating the biggest oil supply disruption in the history of the global market, the International Energy Agency (IEA) said on Thursday (March 12), a day after the agency agreed to release a record volume of oil from strategic stockpiles.
Middle East Gulf countries have cut total oil production by at least 10 million bpd — a volume equal to almost 10 per cent of world demand — as a result of the conflict, the agency said in its latest monthly oil market report. Without a rapid restart of shipping flows, these losses are set to increase, IEA said.
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