LONDON, March 12 (Reuters) – The war in the Middle East is creating the biggest oil supply disruption in the history of the global market, the International Energy Agency said on Thursday, 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% 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.
(Reporting by Alex LawlerEditing by Tomasz Janowski)