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Middle East war triggers historic disruption in global oil supplies

Middle East News

12-03-2026 | 05:26

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Middle East war triggers historic disruption in global oil supplies

The International Energy Agency said on Thursday that the war in the Middle East is causing the largest disruption to global oil supplies in the history of the market, a day after it approved a record release of oil from strategic reserves.

In its latest monthly oil market report, the agency said that Gulf countries have reduced their total oil production by at least 10 million barrels per day — equivalent to about 10 percent of global demand — as a result of the conflict.

The agency added that these losses could worsen if shipping activity does not resume quickly.

Reuters

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